.)!!!!:)tp;i; 


Columbia  IHnttiet^itp 

THE  LIBRARIES 


THE  STORY  OF  THE 
LIBERTY  LOANS 


^y$treiy  nf  B^jjrr 


ff 


ARTICLE    II. 

Her  Majesty  the  Queen  of  the  United  Kingdom  of  Great  Britain  and  Ireland, 
His  Majesty  the  Hniperor  of  Austria,  King  of  Hungary  and  Bohemia,  His  Majesty 
the  King  of  the  French,  His  Majesty  the  King  of  Prussia,  and  His  Majesty  the 
Emperor  of  all  the  Russias,  declare,  that  the  Articles  mentioned  in  the  preceding 
Article,  are  considered  as  having  the  same  force  and  validity  as  if  they  were  textually 
inserted  in  the  present  Act,  and  that  they  are  thus  placed  under  the  guarantee  of 
their  said  Majesties. 

.\RTIGLE    VII. 

Belgium,  within  the  limits  specified  in  Articles  I.,  II.,  and  IV'.  shall  form 
an  independent  and  perpetually  neutral  State.  It  shall  be  bound  to  observe  such 
neutralitv  towards  all  other  States. 


g^w^-zST  ^^^-^-^r- 


Ayy^\-\...^^ 


SYLVAN   VAN   DE  WEYER 


A  SCRAP  OF  PAPER 

I  AM  but  a  SCRAP  OF  PAPER. 
Once  a  royal  personage  was  I,  the  familiar  of  Emperors  and  Kings. 
I  was  created  of  crinkly  parchment,  sacred  oath  and  solemn  obligation.     For  scores  of 

years,  proud  in  my  trappings  of  silken  ribbon  and  royal  signet,  I  stood  before  all  Chris- 
tendom as  the  Guarantor  of  Perpetual  Peace.     But  now  I  am  only 

A  SCRAP  OF  PAPER,  violated,  soiled  and  torn. 

This  because  there  was  one  who  swore  falsely,  using  me  and  my  meaning  as  an  armed 
truce,  behind  which  to  cloak  his  fell  purposes  and  to  bide  his  time  until,  drunk  with  power  and 
maddened  by  the  canker  in  his  heart  for  world  domination,  he  should  arise  and  tear  off  his 
smirking  mask,  revealing  the  face  of  the  cruel  monster,  and  on  me,  a  royal  thing  of  Sacred 
Promises,  lay  unholy  hands. 

He  sent  forth  his  countless^hordes  of  Huns  to  murder  and  rapine.  Upon  the  prostrate 
form  of  Belgium  he  placed  his  bloody  heel  while  all  civilization  stood  aghast.  Mockingly 
he  held  me  up  in  derision  before  the  world  as  but  A  SCRAP  OF  PAPER  to  be  ruthlessly 
torn  in  a  thousand  pieces  and  thrown  to  the  winds. 

But  look!  from  out  their  cave  in  the  hills  rush  the  Avenging  Winds.  They  caught  up 
my  pitiable  fragments  and  bore  them  across  the  Seven  Seas. 

The  one  swept  across  enslaved  Alsace-Lorraine  into  the  land  of  the  French,  where  stirred 
the  martial  strains  of  the  Marseillaise,  and  thence  to  Africa's  shores  and  into  the  heart  of 
the  Desert  where  rested  the  caravan. 

Another  winged  its  way  across  the  broad  expanse  of  Russia,  on  to  Celestial  Land 
and  to  Nippon's  Isle  where  Fuji  lifts  its  snow-crowned  head.  Another  across  the  Alps  into 
sunny  Italy  and  on  into  classical  Greece,  where  Marathon  looks  down  on  the  sea. 

Another  charted  its  course  to  Britain's  Isle,  where  on  the  banks  of  the  Runnymede 
the  Magna  Carta  was  wrested  from  the  hands  of  another  despot.  Then,  following  the  course 
of  the  Sun,  across  the  Atlantic  to  snow-girt  Canada  and  the  singing  waters  of  the  Saskatche- 
wan, and  around  the  world  to  stalwart  Australia,  and  to  the  mystic  lands  of  India  and  to 
Ancient  Egypt,  where  broods  the  silent  Sphinx. 

Another,  following  the  mariners  of  old,  touched  the  fertile  West  Indies  and  sped  on  to 
America,  where  the  Liberty  of  Mankind  was  cradled  and  has  its  truest  meaning. 

Thus  to  all  Peoples  in  every  Clime  the  Avenging  Spirits  of  the  Winds  carried  the  frag- 
ments of  my  being  and  sowed  them  in  the  pregnant  soil  of  Liberty.  And  behold!  as  from 
the  Dragon's  Teeth  of  Eld,  armed  men  to  the  thousandfold  sprang  up  and  to  the  clank  of 
saber  and  roar  of  cannon  moved  in  martial  array.  And  from  this  my  seed  in  America  came 
another  mighty  army  that  in  answer  to  my  violation  held  aloft  as  their  battle  flags  millions 
upon  millions  of  Scraps  of  Paper,  on  which  they  had  writ  a  Bond  of  Liberty. 

And  so  the  Tyrant  was  crushed.  Such  was  the  answer,  such  the  har\est  to  the  world's 
madman  who  unwittingly  sowed  the  seed. 

I  am  A  SCRAP  OF  PAPER,  violated,  soiled  and  torn. 

But  through  the  travail  of  my  desecration  born  was  I  again  to  stand  steadfast  for  all 
Time  as  a  warning  to  the  despot  that  Human  Rights  shall  not  be  denied  even  though  their 
bulwark  seem  to  be  but  A  SCRAP  OF  PAPER. 


Copyright,  1919, 

By 

James  William  Bryan 


THE  STORY 

OF  THE 

LIBERTY  LOANS 

^eing  a  Record  of  the  Volunteer  Liberty  Loan 

cArmy,  Its  Personnel,   SMobili^ation  and 

<SMethods.  Ho'W  cAmerica  at  Home 

Backed  Her  Armies  and  Allies 

in  the  World  War 

Labert  St.  Clair 

JAMES  WILLIAM  BRYAN  PRESS 
WASHINGTON,  D.  C. 

■^Q    -So  -SS  fe, 

ILLUSTRATIONS 

Page 

The  "Scrap  of  Paper" 6 

Americans  All !     Poster  by  Howard  Chandler  Christy 15 

Sure!  We'll  Finish  the  Job.     Poster  by  Gerrit  A.  Beneker 26 

Over  the  Top.     Poster  by  Sidney  H.  Riesenberg 29 

Victory  Group      30 

General  John  J.  Pershing 33 

We'll  Get  'em!     French  Poster      34 

Abraham  Lincoln.     Poster 36 

Halt  the  Hun!     Poster  by  Henry  Raleigh 37 

Subscribe.     French-Canadian  Poster 39 

William  Gibbs  McAdoo      40 

Are  You  Big  Enough  for  Your  Flag? 43 

Beat  Back  the  Hun.     Poster  by  F.  Strothmann      44 

Fight  or  Buy  Bonds.     Poster  by  Howard  Chandler  Christy 47 

Down  the  Avenue  of  the  Allies 48 

War  Loan  Organization  Officials 49 

Must  Children  Die?     Poster  by  Walter  Everett 50 

Remember!     The  Flag  of  Liberty!     Poster  by  Griswold  Tyng 53 

For  the  National  Defense.     French  Poster      55 

Chateau-Thierry  Heroes 56 

Pershing's  Band 57 

For  the  Flag  and  Victory.     French  Poster 58 

Come  On!     Poster  by  Walter  Whitehead 60 

If  Ye  Break  Faith.     Canadian  Poster      63 

To  Make  the  World  a  Decent  Place  to  Live  in.     Poster  by  Herbert  Pans   .  63 

The  Opening  of  the  Fourth 64 

"The  Time  Has  Come  to  Conquer  or  Submit."     Poster      67 

Fighters  Fresh  from  the  Alps 68 

A  Sea  of  Hats 69 

Cruelty  of  the  Huns.     Chinese  Poster 70 

You  Buy  a  Liberty  Bond.     Poster ' 72 

Uncle  Sam.     Poster  by  Dan  Sayre  Groesbeck 72 

Before  Sunset.     Poster  by  Eugene  DeLand      .  ■ 72 

Your  Duty.     Poster  by  Eugene  DeLand 73 

Buy  a  Liberty  Bond.     Poster  by  Barron  G.  Collier 73 

Are  you  100%  American?     Poster  by  Stern 73 

Women!     Poster  of  National  Women's  Liberty  Loan  Committee      ....  73 

Stop  This.     Filipino  Poster 75 

Social  Queen  and  Hobo  King 76 

A  Plucky  Girl 77 

How  Much  Will  You  Lend?     Poster 78 

Old  Age  Must  Come.     English  Poster 81 

Liberty  Altar 82 

A  Great  Leader  in  a  Great  Cause 83 

Blot  it  Out.     Poster  by  J.  Allen  St.  John 84 

Keep  These  off  the  U.  S.  A.     Poster  by  JoJm  Norton 85 

10  .\   ,■■';;. 


3^ft 


"5 


5\ 


^  ILLUSTRATIONS   (Continued) 

^^  Page 

Michigan  Boulevard,  Chicago 86 

Adopting  the  Honor  Flag 87 

That  Lil3erty  Shall  Not  Perish.     Poster  by  Joseph  Pennell       88 

Do  Your  Bit.     Cartoon  by  John  Cassel 90 

Remember  Belgium.     Poster  by  Ellsworth  Young 91 

With  Apologies  to  the  Horse 92 

Ain't  it  a  Grand  and  Glorious  Feeling?       Cartoon  by  Briggs 93 

Put  Strength  in  the  Final  Blow.     Eyiglish  Poster 95 

Charlie  Chaplin's  Greatest  Audience 96 

A  Close-up  from  Another  Angle 97 

Faith  in  Canada.     Canadian  Poster 98 

They  Serve  France.     Canadian  Poster 99 

Doughboys  on  the  Kaiser's  Throne      100 

American  Art  Across  the  Rhine 101 

Ring  it  Again.     Poster 102 

Good  Bye  Dad.     Poster  by  Lawrence  S.  Harris 102 

Lest  I  Perish.     Poster  by  C.  R.  Macauley 102 

You  Buy  a  Liberty  Bond.     Poster 102 

A  Liberty  Loan  Soldier 105 

Keep  Your  War  Savings  Pledge.     Poster  by  Casper  Emerson,  Jr 106 

Feed  the  Guns  with  War  Bonds.     English  Poster 106 

Teamwork  Builds  Ships.     Poster      106 

Abe  Martin.     Cartoon  by  Kin  Hubbard 108 

Shall  We  Be  More  Tender  With  Our  Dollars?     Poster  by  Dan  Sayre 

Groesbeck 109 

Cardinal  Mercier.     Belgian  Poster Ill 

Cincinnati  Goes  Over  the  Top      112 

War  Relics  Train 113 

Share  in  the  Victory.     Poster  by  JIaskell  Coffin 114 

Joan  of  Arc  Saved  France.     Poster  by  Haskell  Coffin 115 

The  Foreign  Legion 116 

The  Stars  and  Stripes  Go  by 117 

The  Soldier's  Dream.     French  Poster 118 

Buy  War  Savings  Stamps.     Poster 120 

Back  Him  Up.     English  Poster 120 

Liberty  Loan  Buttons 123 

The  French  Republic.     French  Poster      125 

The  Loan  for  Freedom.     French  Poster 125 

Car  Cards 127 

By  Aerial  Parcel  Post 128 

Barnum  and  Bailey 129 

Honor  Flag 130 

Industrial  Honor  Pennant      131 

Make  His  Dreams  Come  True.     Poster  by  Barron  G.  Collier 132 

Subscribe  to  Hasten  Peace.     French  Poster 132 

For  Victory,  Bu>'  More  Bonds.     Poster  by  J.  Scott  Williams      134 

They  Kept  the  Sea  Lanes  Open.     Poster  by  L.  A.  Shafer 134 

Well?     Cartoon  by  Stinson 136 

11 


ILLUSTRATIONS   {Continued) 

Page 

Hun  or  Home?     Poster  by  Henry  Raleigh 137 

Kultur.     Cartoon  by  Ralph  O.  Yardley 138 

Boy  Scouts.     Poster  by  F.  X.  Leyendecker 139 

Where  the  Money  Went 140 

Liberty  Notes  Sent  to  Germany 141 

Hold  Up  Your  End!     Poster  by  W.  B.  King 142 

The  Greatest  Mother  in  the  World.     Poster  by  A.  E.  Foringer 143 

A  Consignment  of  Gun  Carriages 144 

Liberty  Bonds  and  Tanks      145 

My  Soldier.     Poster  by  B.  H.  Green 146 

A  Stirring  Appeal 147 

Up,  Civilians.     English  Poster 148 

England  Expects.     English  Poster 148 

For  Your  Children.     EjigUsh  Poster 148 

I  Want  You  for  the  Navy.     Poster  by  Howard  Chandler  Christy    ....  149 

Captured  German  Helmets 150 

Victory  Arch 151 

Order  Coal  Now.     Poster  by  F.  X.  Leyendecker 152 

Food  is  Ammunition.     Poster  by  J.  E.  Sheridan 155 

Pike's  Peak  or  Bust 156 

The  First  Victory  Loan  Bond 157 

On  the  Job  for  Victory      Poster  by  Jonas  Lie 158 

A  Sea  Wolf  at  Bay 159 

Together  We  Win.     Poster  by  James  Montgomery  Flagg      160 

And  They  Thought  We  Couldn't  Fight.     Poster  by  Clyde  For sy the    .    .    .  161 

The  Fourth's  First  100% 162 

Help  Our  District  Win  This  Flag.     Canadian  Honor  Flag  Poster  .    .    .    .163 

Save  Your  Child.     Poster  by  Herbert  Pans 163 

One  of  the  Thousand.     Poster  of  Y.  M.  C.  A 163 

The  End  of  a  Perfect  Day 164 

Looks  as  Though  He  Did 165 

Hip-Hip!     Poster 166 

Four  Years  in  the  Fight.     Poster  of  Y.  W.  C.  A 169 

Elsie  Ferguson      170 

Marguerite  Clark 171 

Oh,  Boy!  That's  the  Girl!     Poster  by  G.  M.  Richards 172 

Back  Our  Girls  Over  There.     Poster  by  Clarence  F.  Underwood      .    .    .    .177 

Mme.  Nazimova      178 

Lillian  Gish 179 

Our  Daddy  is  Fighting.     Poster  by  Dewey      180 

United  States  Treasury.     Window  Card  by  Ketterlimis  Lithographic  Co.    .  180 

Lend  Your  Money.     Poster  by  American  Lithographic  Company    ....  180 

Ring  it  Again.     Poster  by  Ketterlinus  Lithographic  Company 181 

George  Beban 182 

Mack  Sennett  Comedy 183 

Free  Milk  for  France.     Poster  by  E.  Luis  Moran 184 

Lest  We  Forget.     Cartoon  by  Harry  Murphy 187 

12 


TABLE  OF  CONTENTS 

Page 

A  Scrap  of  Paper — A  Dedication      7 

Appreciation  of  Artists 14 

National  Story 27 

America's  Response  Triumphant      27 

Liberty  Bonds  vs.  Taxation 32 

Second  Liberty  Loan 46 

Third  Liberty  Loan 61 

Fourth  Liberty  Loan 65 

The  Victory  Liberty  Loan 80 

What  the  Women  Did 103 

War  Savings  Movement 107 

The  Four-Minute  Men 135 

War  Costs  to  Belligerents      154 

Boy  Scouts  of  America 167 

Wealth  of  the  United  States      173 

The  Liberty  Bond  Itself 174 

Publicity  Campaigns 175 

Data  of  the  Loans 185 


AN  APPRECIATION 

A  RT  as  a  constructive  force  in  the  execution  of  the  great  tasks  of  the 
yY  Government  abundantly  demonstrated  its  power  in  the  Liberty  Loan 
campaigns.  Artists  obUgated  the  American  public  to  stop,  look  and 
buy  bonds. 

The  paintings  used  in  support  of  the  loans  were  appeals  to  patriotism  in 
line  and  color,  which  never  failed  to  evoke  an  overwhelming  response.  The 
greater  part  of  the  art  work  for  the  loan  was  done  without  monetary  recom- 
pense to  the  artists.  As  a  whole  they  were  notable  for  their  avoidance  of  the 
profiteer  and  the  mercenary. 

This  history  would  be  incomplete  without  adequate  recognition  of  the 
mighty  concrete  values  which  the  artists  of  the  war  wrung  from  the  fabrics 
of  their  dreams  and  devoted  to  the  rescue  of  humanity  from  further  bloodshed 
and  sacrifice. 

Among  the  artists  who  contributed  posters  to  the  Liberty  Loan  cam- 
paigns include:  C.  R.  Macauley,  Dan  Sayre  Groesbeck,  Dewey,  Stern,  H. 
H.  Porteous,  Eugenie  De  Land,  Henry  Raleigh,  Griswold  Tyng,  D.  H. 
Green,  Sidney  H.  Riesenberg,  Lawrence  S.  Harris,  Ethelinde  Ridgway, 
Howard  Chandler  Christy,  F.  X.  Leyendecker,  Herbert  Paus,  Ellsworth 
Young,  Walter  Everett,  Joseph  Pennell,  F.  Strothmann,  J.  Allen  St.  John, 
John  Norton,  J.  Scott  Williams,  Walter  Whitehead,  Gerrit  A.  Beneker, 
Haskell  Coftin,  Alfred  Everett  Orr,  Casper  Emerson,  Jr.,  Clyde  Forsythe 
and  L.  A.  Shafer. 

Cartoonists  also  were  of  greatest  assistance  in  the  various  campaigns. 
Among  the  great  cartoonists  that  contributed  to  success  of  the  Loans  were: 

Williams,  Indianapolis  News;  Briggs,  New  York  Tribune;  McCutcheon,  Chicago  Tribune;  Cassel,  New 
York  Evening  World;  Darling,  New  York  Tribune;  IMiss  Fay  King,  San  Francisco  Examiner;  Chapin,  Si.  Louis 
Republic;  Powers,  New  York  American;  Kirby,  New  York  Morning  World;  Donahey,  Cleveland  Plain  Dealer; 
Murphy,  Chicago  Examiner;  Harding,  Brooklyn  Daily  Eagle;  McManus,  New  York  American;  Plaschke,  Louis- 
ville Times;  Ireland,  Columbus  Dispatch;  Evans,  Baltimore  American;  Goldberg,  New  York  Evening  Mail; 
Page,  Nashville  Tennessean  and  American;  Ripley,  New  York  Globe;  Bushnell,  Central  Press  Association;  Hill, 
New  York  Tribune;  Berryman,  Washington  Star;  Ralph  O.  Yardley,  Free  Lance,  San  Francisco;  Westerman, 
Ohio  State  Journal,  Columbus;  Coffman,  New  York  Journal;  Perry,  Sioux  City  Journal;  H.  C.  Greening,  Free 
Lance,  East  Orange,  N.  J.;  Morgan,  Philadelphia  Inquirer;  Eugene  Zimmerman,  Horselieads,  N.  Y.;  Fitzpatrick, 
St.  Louis  Post  Dispatch;  Chamberlain,  Philadelphia  Evening  Telegraph;  E.  W.  Kemble,  Free  Lance,  Towners, 
N.  Y.;  Opper,  New  York  American;  Webster,  New  York  Globe;  Cesare,  New  York  Evening  Post;  Ted  Nelson, 
U.  S.  Naval  Reserve,  Minneapolis;  Hubbard,  Indianapolis  News;  Satterfield,  Newspaper  Enterprise 
Association;  Sykes,  Philadelphia  Evening  Ledger;  Smith,  New  York  Sunday  World;  Stinson,  Dayton  News; 
Hruska,  Cedar  Rapids  Gazette;  Spencer,  Omaha  World-Herald;  Marcus,  New  York  Times;  Hungerford,  Pitts- 
burgh Sun,  and  Brewerton,  Atlanta  Journal. 


DuBois 

Smith 

O'Brien 

Cejka 

Haucke 

Pappandrikopolous 

Andrassi 

Mllotto 

Levy 

Turovich 

Kowaiski 

Chriczanevicz 

Knutson 

Gonzales 


^     ^ 


n-^ 


^C'/; 


^7 


SURE! 

We'll 
Finish 
the  Job 


6er«-i:t  f*..! 


VICTORY  LIBERTY  LOAN 


THE  STORY  OF  THE  LIBERTY  LOANS 

THIS  is  the  story  of  the  Liberty  Loan  and  War  Savings  Campaigns,  and 
something  of  the  persons  and  the  methods  that  made  them  such  potent 
factors  in  the  great  world  struggle  of  1914-1918  for  the  perpetuation  of 
the  rights  of  democracy. 

It  is  fitting  that  such  a  history,  especially  as  it  relates  to  the  volunteer 
workers,  should  be  handed  down  to  posterity.  Our  generation,  cast  as  it  was 
into  the  vortex  of  the  bloody  European  War,  never  can  appreciate  the 
extent  to  which  this  vast  army  of  patriotic  Americans,  by  their  sacrifice  of 
time,  energy  and  treasure,  made  the  financial  campaigns  successful  and  thus 
helped  in  a  great  measure  to  shape  the  destiny  of  Christian  civilization.  In  the 
years  that  are  to  come,  however,  humanity,  analyzing  the  influences  that 
saved  the  world  from  a  renewed  reign  of  mediaeval  barbarism,  will  recognize 
their  efforts  at  their  true  value  and  accord  them  a  deserved  place  among  the 
real  heroes  of  the  war. 

cAmerica's  Response  Triumphant 

History  contains  no  more  romantic  page  than  that  which  must  be  assigned 
to  Liberty  Loan  workers.  Their  story  is  replete  with  deeds  of  sacrifice, 
bravery  and  triumph.  The  floating  of  Liberty  Bonds  was  no  mere  commercial 
transaction  to  be  performed  by  anyone  capable  of  selling  a  commodity.  It 
was  an  adventure  into  a  great  unknown  field,  the  very  nature  of  which  demanded 
and  called  forth  to  service  the  most  highly  developed  skill  in  virtually  every 
branch  of  our  national  life.  From  the  volunteers  who  came  into  the  work 
there  was  organized  the  most  capable  civilian  army  of  all  time,  and  when  it 
took  up  arms  in  behalf  of  the  great  cause  it  was  but  natural  that  every  obstacle 
should  be  swept  aside  and  that  the  organization  should  go  forward  to  complete 
and  glorious  victory. 

How  far-reaching  were  the  results  achieved  by  this  army  is  best  evidenced 
by  the  fact  that  virtually  two-thirds  of  the  war  funds  used  during  actual  hos- 
tilities by  the  United  States  were  obtained  through  the  sale  of  Liberty  Bonds. 
Angles  of  the  struggle  to  which  these  funds  were  applied  include  loans  to 
the  Allies,  the  equipping  and  maintaining  of  the  army  and  navy,  the  building 
of  ships  for  the  emergency  fleet.  Numerous  other  outlays  were  also  met.  1 1  may 
be  said  conservatively  that  without  the  sale  of  Liberty  Bonds  the  financing 
of  the  war  in  the  United  States  would  have  been  almost  impossible.  Taxa- 
tion  might   have   raised    the  necessary  money,  but  the  levying  of  such    tre- 

27 


THE  STORY  of  the  LIBERTY  LOANS 


mendous  sums  as  were  required  would  not  have  been  in  keeping  with  the 
principles  of  democracy  upon  which  our  government  is  founded,  and  the 
destructive  effect  of  such  a  course  on  the  morale  of  the  American  people  can- 
not be  underestimated. 

Stripped  bare  of  their  wonderful  patriotic  element  and  considered  solely 
from  a  financial  viewpoint,  the  results  of  the  Liberty  Loan  campaigns  stand 
without  parallel  in  history.  In  the  five  loans  $23,972,111,400  was  subscribed 
and  $21,477,335,850  of  this  amount  was  accepted  by  the  Treasury  Depart- 
ment. This  compares  with  approximately  $20,000,000,000  raised  by  Great 
Britain,  $20,000,000,000  by  France,  $8,000,000,000  by  Italy,  and  $1,250,- 
000,000  by  Canada  through  loans  during  the  four  years  of  war.  Some  idea  of 
the  magnitude  of  the  amount  of  money  that  was  raised  through  the  sale 
of  Liberty  Bonds  may  be  gained  from  the  fact  that  if  the  total  were  con- 
verted into  silver  dollars  and  laid  flat  in  rows  it  would  girdle  the  earth  almost 
twenty  times. 

Still  more  remarkable  than  the  amount  of  money  raised  is  the  number  of 
individual  subscriptions  that  have  been  obtained.  The  $21,477,335,850 
represents  66,289,900  individual  subscriptions.  There  are  resales  in  this 
total,  of  course,  but  it  is  safe  to  estimate  on  the  face  of  these  figures  that 
approximately  between  one-fourth  and  one-third  of  the  entire  population  of 
the  United  States  now  possesses  or  has  bought  one  or  more  Liberty  Bonds  or 
Victory  Notes.  Better  still,  the  bulk  of  Liberty  Bond  subscriptions  came  from 
the  patriotic  every-day  citizen  who  purchased  bonds  of  the  smaller  denomi- 
nations. 

These  facts  concerning  the  wide  distribution  of  bonds  speak  volumes  for 
the  work  of  the  Liberty  Loan  army,  for  to  it  fell  the  educational  campaign  that 
made  conversant  with  government  bonds  the  average  man  and  woman,  who, 
prior  to  the  entrance  of  the  United  States  into  the  European  war,  neither  owned 
nor  understood  them.  How  restricted  was  the  distribution  of  government 
securities  before  the  first  issue  of  Liberty  Bonds,  in  June,  1917,  is  told  by  the  fact 
that  on  July  1,  1916,  all  outstanding  bonds  of  the  government  amounted  to 
only  $1,378,124,593  and  virtually  all  of  them  were  held  by  financial  institutions 
or  men  of  wealth.  The  task  of  bringing  about  the  education  of  people  un- 
familiar with  government  securities  to  such  a  point  that  in  less  than  two  years 
they  showed  a  willingness  to  invest  in  more  than  $24,000,000,000  of  them  was 
one  well  worthy  of  the  talent  which  it  called  into  the  three  integral  parts  of 
the  Liberty  Loan  army — the  sales,  publicity  and  speaking  branches. 

The  personnel  of  this  army,  embracing  the  three  foregoing  groups  of  workers, 
totaled  about  a  million  persons  at  the  start  of  the  Third  Liberty  Loan  and  in- 
creased at  times  to  2,000,000.     W.  G.  McAdoo,  former  Secretary  of  the  Treas- 


OVER  THE  TOP 


FOR  YOU 


4^ 


\ 


ryr 


Buy  U.S.Govt  Bonds 
THIRD  LIBERTY  LOAN 


\H'I()K\'  I. KOI  !• 

Many  are  the  heroic  figures  carved  in  marble  and  cast  in  bronze,  and  designed  to  symbolize  the  Allies  in 

the  World  War  on  proud  display  in  city  streets  and  exclusive  museums.     But  to  this  simple  plaster  cast 

done  under  the  inspiration  of  the  Victory  Loan,  and  made  to  adorn  the  roof  of  the  I'nited  Cigar  Company's 

main  store  on  Broadway,  must  be  accorded  a  first  place  of  genuine  merit. 


.^0] 


THE  STOKYofthe  LIBERTY  LOANS thirt/^^I 

ury,  was  the  directing  head  of  all  Liberty  Loan  work  in  the  first  four  loans, 
and  his  successor,  Carter  Glass,  directed  the  fifth.  Under  the  Secretary's 
direction  and  the  supervision  of  R.  C.  Lefifingwell,  Assistant  Secretary  of  the 
Treasury,  the  War  Loan  Organization,  composed  of  the  sales,  publicity  and 
speaking  branches,  carried  on  the  active  work  of  the  campaigns.  Headquarters 
for  this  organization  were  established  and  the  directing  heads  stationed  in 
Washington.  Its  work  was  decentralized  in  great  part,  sub-committees  being 
formed  down  through  the  twelve  Federal  Reserve  Districts  of  the  country,  the 
states,   and,   where  practicable,   counties,   townships  and   communities. 

The  executives  of  the  War  Loan  Organization  practically  throughout  the 
war  were  Lewis  B.  Franklin,  Director,  and  Clarkson  Potter,  Assistant  Director; 
Frank  R.  Wilson,  Director  of  Publicity;  Labert  St.  Clair,  Assistant  Director; 
R.  W.  Emerson,  Chief  of  the  Division  of  Publications;  Henry  Minor,  Editorial 
Chief;  Hans  Reig,  head  of  the  Foreign  Language  Division,  and  Chas.  F.  Horner, 
Director  of  Speakers'  Bureau.  R.  W.  Woolley  and  Oscar  A.  Price  were  Direc- 
tors of  Publicity  for  the  first  and  second  loans,  respectively.  They  retired 
to  become,  respectively,  a  member  of  the  Interstate  Commerce  Commission 
and  the  Assistant  Director  General  of  Railroads.  George  R.  Cooksey,  assist- 
ant to  the  Secretary,  lent  invaluable  aid  to  the  publicity  bureau  in  all  cam- 
paigns. John  H.  Mason,  of  Philadelphia,  succeeded  Mr.  Franklin  in  August, 
1919.  Dr.  Thomas  E.  Green  directed  the  Speakers'  Bureau  during  the  Victory 
Liberty  Loan. 

In  the  Federal  Reserve  Districts  the  War  Loan  Organization  worked  in 
close  harmony  with  the  Governors  of  the  various  Federal  Reserve  Banks. 
With  the  exception  of  a  few  minor  changes,  the  district  organizations  engaged 
in  the  various  campaigns  were  as  follows: 

Boston — Chas.  A.  Morss,  Governor;  C.  E.  Perkins,  Secretary  Executive 
Committee;  John  K.  Allen,  Executive  Manager  Publicity  Connnittce;  James 
Dean,  Chairman  Distribution  Committee,  and  Philip  Dalton,  Director  of 
Speakers'  Bureau. 

New  York — Benjamin  Strong,  Governor;  Guy  Emerson,  Director  of 
Publicity;  John  Price  Jones,  Ass't  Director  of  Publicity;  Arthur  M.  Anderson, 
Director  of  Distribution,  and  J.  Horton  Ijams,  Director  of  Speakers'  Bureau. 

Philadelphia — E.  P.  Passmore,  Governor;  Lewis  H.  Parsons,  Director  of 
Loan;  R.  E.  Norton,  Director  of  Publicity;  G.  E.  Goble,  Ass't  Director  of 
Publicity,  and  B.  H.  Ludlow,  Director  of  Speakers'  Bureau. 

Cleveland — E.  R.  Fancher,  Governor;  D.  C.  Wills,  Chairman  Central 
Liberty  Loan  Committee;  L.  B.  Williams,  Vice-Chairman;  M.  H.  Laundon, 
Director  of  Publicity,  and  J.  B.  Works,  Director  of  Speakers'  Bureau. 


THE  STORY  of  the  LIBERTY  LOANS 


Richmond — George  J.  Seay,  Governor;  R.  E.  Nolting  and  Frank  H.  West, 
Directors  of  Publicity,  and   Carter  B.  Keene,  Director  of  Speakers'  Bureau. 

Atlanta — Joseph  A.  McCord,  Governor;  W.  C.  Wardlaw,  Chairman  Execu- 
tive Committee;  St.  Elmo  Massengale,  Director  of  Publicity,  and  Carroll 
H.  Smith,  Director  of  Speakers'  Bureau. 

Chicago— James  B.  McDougal,  Governor;  Chas.  \V.  Schweppe,  Chairman 
Liberty  Loan  Committee;  Frederick  Merritt,  Executi^•e  Secretar>';  Wilbur 
D.  Nesbit  and  Ben  F.  McCutcheon,  Directors  of  Publicity,  and  Henry  P. 
Chandler,  Director  of  Speakers'   Bureau. 

St.  Louis — Rolla  Wells,  Governor;  William  R.  Compton,  Chairman  Liberty 
Loan  Committee;  Tom  K.  Smith,  Secretary;  H.  S.  Gardner,  Director  of 
Publicity,  and  A.  O.  Wilson,  Director  of  Speakers'  Bureau. 

Minneapolis — Theodore  Wold,  Governor;  Arthur  R.  Rogers,  Chairman 
General  Executive  Committee;  B.  S.  Bull,  Director  of  Publicity;  M.  B.  Harri- 
son, Chief  of  News  Division;  Curtis  L.  Mosher,  Chairman  of  Distribution,  and 
Joseph  Chapman,  Director  of  Speakers'  Bureau. 

Kansas  City — J.  Z.  Miller,  Governor;  J.  L.  Cross,  Executive  Manager 
Liberty  Loan  Committee;  W.  R.  Rowe,  Executive  Secretary;  J.  M.  Worley, 
Director  of  Publicity,  and  E.  E.  Violette,  Director  Speakers'  Bureau. 

Dallas — R.  L.  Van  Zandt,  Governor;  J.  W.  Hoopes,  Chairman  of  Publicity, 
and  Judge  C.  L.  Simpson,  Director  of  Speakers'  Bureau. 

San  Francisco — James  K.  Lynch,  Governor;  G.  K.  Weeks,  General  Cam- 
paign Manager;  George  A.  Van  Smith  and  C.  A.  Farnsworth,  Directors  of 
Publicity,  and  Allen  L.  Chickering,   Director  of  Speakers'  Bureau. 

There  also  was  organized  a  Woman's  Liberty  Loan  Committee,  of  which 
Mrs.  W.  G.  McAdoo  was  chairman.  Its  work  is  dealt  with  fully  in  a  separate 
chapter  of  this  volume. 

Liberty  Bonds  vs.  Taxation 

IMMEDIATELY  upon  the  declaration  of  war  by  the  United  States  on 
April  6,  1917,  the  problem  of  financing  the  country's  share  in  the  struggle 
leaped  to  the  fore  in  Congress.  The  outstanding  phase  of  the  question  was 
whether  a  greater  part  of  the  cost  of  the  war  should  be  met  by  taxation  or 
bonds,  or  if  the  cost  should  be  evenly  divided  between  the  two.  Secretary 
McAdoo,  after  extended  conference  with  leading  financial  experts,  maintained 
that  a  greater  part  of  the  money  should  come  from  the  sale  of  bonds.  He  held 
that  it  would  be  unwise,  if  not  impossible,  to  inflict  such  a  heavy  tax  burden  on 
the  present  generation.  The  "half  and  half  plan,  " — that  is,  di\iding  the  war's 
cost  equally  between  taxation  and  bonds, — had  many  proponents.  Eventually, 
however,  it  was  decided  as  an  initial  step  to  authorize  the  issuance  of  $5,000,- 


I  .i;m:k.\i,  joiin  j.  ricksiiixc 

Al  llie  openinj;  of  the  I'oiirtli  l.o.ni,  ( '.iikimI  IV-i=.hiiii;  cihlc-d  Sucrct.uA  MtAdoo:  "Plie  success  of  the 
l-ourth  I.il)erty  Loan  means  imich  to  the  men  who  are  engaged  in  the  greatest  battle  of  the  war — your 
sturdy  sons  fighting  this  war  of  freedom  firmly  expect  the  continued  support  of  all  Americans  at  home. " 
Al  the  rinse  of  the  loan  he  lahled:  "All  ranks  are  delighted  at  your  success.  Please  accept  our  sincere 
thanks  .md  ((iii:.;r.it  ul.itions.  "  The  deneral  is  here  shown  at  the  head  of  his  victorious  forces  in  the  \'ic- 
tory  Parade  at  Washington. 


[331 


(/JAJ\4y,     ' 


Hf  \  A  MBS  7,'lMr     PARIS 


o 


"  TRANSLATION'  FROM  THF.  IRKNCII 

lf\'ll  Get   'cm! 

Second   Loan  for  the  National   Defense 
Subscribe 


1 .33 1 


HALT  the  HUN! 


TRANSLATION'  FROM  THE  FRENCH 


Subscribe  to  the  Loan  fur  J  let  or y 


[38] 


WILLIAM  (.IHBS  MiAUOO 

When   Liberty   Bonds  were  first  considered,  mil  h  pessimism  was  heard  from  every  side.     McAdoo, 
then  Secretary  of  the  Treasury,  however,  refused  to  be  shal<en  in  his  confidence  in  America  and  un- 
hesitatingly asked  billions  where  only  millions  were  counselled.     Much  of  the  credit  for  the  Liberty 
Loans  and  all  they  meant  to  human  liberty  unquestionably  belongs  to  Mr.  McAdoo. 


[40] 


THE  STOPvY  of  the  LIBERTY  LOANS 


000,000  in  bonds,  not  over  S3,000,000,000  of  which  should  be  applied  to  loans 
to  the  Allies,  and  take  up  the  tax  problem  later. 

This  authorization  was  approved  by  President  Wilson  on  April  24,  1917. 
A  few  days  later  Secretary-  McAdoo  announced  that  he  would  offer  for  sub- 
scription, beginning  May  14  and  continuing  until  June  15,  $2,000,000,000 
in  Liberty  Bonds.     The  bonds  were  to  bear  3^  per  cent  interest. 

A  call  to  the  banks  of  the  country  for  \'olunteers  to  aid  in  obtaining  sub- 
scriptions met  with  a  generous  response  and  on  May  4,  the  opening  day  of 
the  preliminary  campaign,  a  flood  of  pledges  from  banks  began  pouring  into 
the  Treasury  Department  from  every  part  of  the  United  States.  At  the 
end  of  the  first  day  it  was  shown  that  $330,166  a  minute  had  been  subscribed. 
A  Treasury  Department  statement  on  the  night  of  May  5  declared  that  the 
first  day's  sales  indicated  that  the  loan  would  be  oversubscribed  several  times. 
New  York  City  led  all  other  communities  in  the  amount  subscribed  the  first 
day,  obtaining  $63,293,000,  included  in  which  was^one  $20,000,000  subscription. 

The  night  of  May  5  was  one  that  long  will  remain  in  the  memory  of  those 
who  were  alive  at  that  time.  News  that  the  loan  had  achieved  a  flattering 
start  set  the  country  wild  with  enthusiasm.  The  front  page  of  virtually  every 
newspaper  proudly  acclaimed  the  successful  start.  Orators,  actors,  preachers 
and  others  announced  the  result  in  public  meetings.  Secretary  McAdoo's 
office  was  swamped  with  congratulatory  telegrams.  And  to  every  person 
the  eloquent  answer  given  by  the  people's  dollars  meant  the  same  thing — the 
country  was  behind  the  war. 

The  enthusiasm  which  followed  the  report  of  the  second  day's  selling 
virtually  "blew  the  roof  ofT  the  country."  Sales  on  that  day  jumped  to  an 
average  of  $480,508  a  minute.  At  sunset  it  was  announced  that  approxi- 
mately one-sixth  of  the  loan  had  been  subscribed.  Total  pledges  of  $53,000,000 
in  New  York  City  included  two  offers  of  $10,000,000  each,  one  of  $4,000,000, 
one  of  $3,000,000,  two  of  $2,500,000,  two  of  $2,000,000  and  six  of  $1,000,000 
each.  Other  large  pledges  included  several  of  from  $1,000,000  to  $3,000,000 
from  Cleveland,  Milwaukee,  Philadelphia,  San  Francisco,  Detroit,  Boston, 
New  Orleans,  Toledo,  Chicago  and  Pittsburgh. 

Ten  days  after  the  first  pledge  was  offered,  the  public  drive  began,  Secre- 
tary- McAdoo  issuing  an  official  statement  setting  forth  the  different  features 
of  the  loan,  and  Liberty  Loan  committees  beginning  active  canvassing  through- 
out the  country.  Widely  known  men  and  women  in  every  walk  of  life  imme- 
diately dropped  all  other  business  and  turned  their  undivided  attention  to  the 
loan.  Bankers  and  business  men  generally  accepted  leading  positions  in  the 
sales  campaign,  prominent  state  and  national  officials  and  other  widely  known 
orators  took  the  platform  to  urge  an  enormous  oversubscription  and  a  veritable 


THE  STOKY  of  the  LIBERTY  LOANS 


army  of  publicity  men  began  to  bombard  the  public  with  printed  Liberty 
Loan  ammunition. 

The  publicity  campaign,  though  small  as  compared  with  later  efforts, 
seemed  enormous  at  that  time.  Three  posters  were  issued.  One,  of  which 
1,000,000  were  prepared,  depicted  the  Goddess  of  Liberty  leaning  forward, 
eyes  ablaze,  fingers  pointing  at  passersby  and  saying,  "You  buy  a  Liberty 
Bond,  lest  I  perish."  Two  display  sheets,  one  showing  Uncle  Sam  pointing 
a  finger  and  saying,  "You  buy  a  Liberty  Bond;  I'll  do  the  rest,"  and  another, 
picturing  Uncle  Sam  grasping  a  lapel  of  a  man's  coat  and  asking,  "Where  is 
your  button?"  were  prepared  for  n,000  billboards.  A  Liberty  Loan  button 
which  was  given  each  subscriber  also  was  designed.  Every  motion-picture 
theater  in  the  United  States  carried  during  the  campaign  on  their  regular 
reels  a  trailer  saying,  "Buy  a  Liberty  Loan  Bond."  Posters,  buttons  and 
motion  pictures,  from  this  small  beginning,  grew  to  be  very  important  factors 
in  subsequent  drives. 

From  the  inception  of  the  First  Loan  patriotic  newspapers  throughout 
the  country,  realizing  that  it  would  be  impossible  for  the  Government  to 
either  pay  for  advertising  or  distribute  paid  advertisements  equitably,  urged 
merchants  and  other  patriotic  citizens  to  include  Liberty  Loan  advertising  in 
their  regular  space  and  also  to  buy  additional  space  for  it.  At  the  outset  of 
the  campaign  some  objection  to  this  course  was  voiced,  particularly  by  ad- 
vertising agents,  but  as  business  men  came  to  realize  that  patriotic  advertising 
was  the  best  paying  publicity  they  possibly  could  buy,  the  dissatisfaction  dis- 
appeared. 

The  generous  manner  in  which  the  country  responded  to  the  Treasury 
Department's  invitation  to  help  boost  the  loan  typified  the  true  patriotic 
American  spirit.  A  force  of  men  was  kept  busy  during  the  early  days  of  the 
drive  answering  telegrams  from  civil,  social,  commercial,  fraternal  and  patriotic 
organizations  which  inquired  how  they  could  be  of  assistance.  PIttsfield,  Mass., 
suspended  all  business  for  one  hour  in  order  that  the  entire  town  might  turn  its 
attention  to  purchasing  Liberty  Loan  Bonds.  A  Liberty  Loan  Sunday  on 
which  thousands  of  clergymen  urged  the  support  of  the  campaign  opened  the 
Liberty  Loan  week  and  proved  a  great  aid  to  the  cause;  a  special  women's 
day  was  set  aside;  the  Boy  Scouts  of  America  made  a  special  campaign,  and 
various  other  organizations  lent  their  assistance  in  a  national  way. 

Despite  the  fact  that  the  bonds  sold  readily,  it  was  a  difficult  task  to 
make  the  buyers  understand  them.  Instancing  this  situation,  a  number  of 
letters  were  received  at  the  Treasury  Department  asking  whether  Liberty 
Bonds  really  were  obligations  of  the  United  States  Government,  making  it 
necessary  for  Secretary  McAdoo  to  issue  a  statement  saying  that  they  were 


ARK  vol'  BK;  ICXOlC.ll   l() 


In  the  great  concourse  of  the  Crand  Central  Station  in  New  \  ork  Lay  this,  the  '•"■f  f  ■)'""",f "  "/J  '". 

the  world,  hung  during  the  I'ourth  and  Victory  Loan  Campaigns  as  a  tell-ng  symbol  o    the  bigness  of 

America  and  the  might  of  her  people.     The  flag  is  160  feet  long  and  80  feet  wide. 


THE  STORY  of  the  LIBERTY  LOANS 


official  obligations  and  that  they  were  called  Liberty  Bonds  "because  their 
proceeds  are  to  be  dedicated  to  the  cause  of  human  liberty."  It  was  not  un- 
usual for  the  Department  to  receive  letters  from  buyers  of  bonds  asking  when 
they  would  have  to  pay  their  interest  on  them. 

Secretary  McAdoo  announced  on  the  closing  day  of  the  campaign  that 
the  Liberty  Loan  had  been  oversubscribed,  and  there  was  general  rejoicing. 

"The  success  of  the  loan,"  the  Secretary  said,  "is  a  genuine  triumph  for 
democracy.  It  is  the  unmistakable  expression  of  America's  determination 
to  carry  this  war  for  the  protection  of  American  life  and  the  reestablishment 
of  peace  and  liberty  throughout  the  world  to  a  swift  and  successful  conclusion. " 

A  week  later  the  Secretary  announced  that  a  total  of  $3,035,226,850  had 
been  subscribed  to  the  loan  and  that  $2,000,000,000  would  be  accepted.  More 
than 4,000,000 persons  bought  bonds,  and  ninety-nine  per  cent  of  these  subscrip- 
tions were  for  denominations  of  from  $50  to  $10,000.  Twenty-one  subscribers 
bought  $5,000,000  or  more  to  a  total  subscription  of  $188,789,900. 

Bonds  were  allotted  in  full  to  all  subscribers  who  bought  $10,000  worth  or 
less,  and  purchasers  of  bonds  of  larger  denominations  were  compelled  to  accept 
less  than  the  amount  for  which  they  subscribed.  Subscriptions  by  Federal 
Reserve  Districts  were  as  follows: 

Boston $  332,447,600 

New  York 1,186,788,400 

Philadelphia 232,309,250 

Cleveland 2^6,148,700 

Richmond 109,737,100 

Atlanta 57,878,550 

Chicago 357,195,950 

St.  Louis 86,134,700 

Minneapolis 70,255,500 

Kansas  City 91,758,850 

Dallas 48,948,350 

San  Francisco 175,623,900 

Total $3,035,226,850 


SECOND  LIBERTY  LOAN 

IN  THE  interim  between  the  close  of  the  First  Loan  and  the  opening  of 
the  Second,  on  October  1,   1917,   there  was  great  agitation,   particularly 

in  financial  circles,  for  an  increase  in  the  interest  rate  on  Liberty  Bonds,  some 
persons  insisting  that  the  rate  should  go  as  high  as  4>^  or  5  per  cent.  After 
careful  consideration  it  was  decided  by  Congress  to  increase  the  rate  to  4 
per  cent,  but  to  impose  certain  tax  restrictions  on  the  bonds.  On  September 
27  the  Secretary  announced  that  he  would  offer  "$3,000,000,000  or  more"  in 
Liberty  Bonds  for  subscription. 

The  Second  Liberty  Loan  campaign  started  with  much  greater  speed  and 
precision  than  did  the  First.  By  this  time  the  machinery  of  the  Liberty  Loan 
organization  throughout  the  country  was  working  smoothly,  and  the  public 
generally  had  a  greatly  improved  grasp  of  the  government's  financial  problems 
and  its  plan  for  a  solution  of  them.  Special  efforts  to  distribute  bonds  more 
widely  in  small  communities  and  rural  districts,  where  they  had  not  sold  so 
freely  as  they  did  in  the  cities  in  the  First  Loan  campaign,  brought  flattering 
results.  A  country-wide  speaking  tour  which  Secretary  Mcx'\doo  made  lent 
material  aid  in  getting  the  message  of  the  loan  to  the  people. 

From  the  beginning  of  the  campaign  workers  injected  into  it  spectacular 
effect,  which  had  not  been  in  evidence  to  a  marked  degree  in  the  first  drive.  The 
public  responded  quickly  to  these  special  attractions,  reports  from  many 
cities  telling  of  the  strength  of  the  police  forces  being  greatly  taxed  to  keep 
moving  the  crowds  that  gathered  around  Liberty  Loan  headquarters  and  sales 
booths.  Cleveland  workers  erected  a  huge  striking  machine  in  the  public  square 
and  permitted  every  purchaser  of  a  $50  bond  to  strike  a  triggerwith  a  maul  in  such 
a  manner  as  to  ring  a  bell  concealed  in  a  papier-mache  head  of  the  Kaiser  at  the 
top  of  the  machine.  Society  women  in  Boston  opened  a  Liberty  cottage  on  the 
Common  for  the  sale  of  bonds  and  put  it  in  order  with  scrubbing  brushes  and 
brooms.  Liberty  Bonds  were  substituted  for  money  prizes  at  the  Grand-Prix 
automobile  races  in  Chicago.  A  Liberty  Bond  advertisement  was  placed  on 
every  tram-way  pole  in  Denver.  San  Francisco  public  schools  were  decorated 
with  Liberty  Loan  posters  and  a  part  of  each  day  was  set  aside  for  "Liberty 
Loan  education. "  A  salesman  in  Marion  County,  Missouri,  invaded  the  country 
districts  and  sold  bonds  to  the  first  345  farmers  he  met.  At  a  meeting  in  Balti- 
more addressed  by  Senator  Lewis  of  Illinois,  $20,000,000  was  subscribed, 
setting  a  new  record  for  a  single  gathering. 


?..^  FIGHT 

yf^    1 

OR 

MBONLS 

THIRD 
LIBERTY  LOAN 


(K> 


*  .  V 


r^ 


m 


\% 


% 


V 


X    / 


j^  f '■  i  ■  I  ■'  -r  i    •< 


.J,..:, 


[48] 


Cf.  -J 


<    £  ^-  si  = 


™  *j    .  — ^ 


V-  l«.2  t: 

-   •'c'H 
=  ho 

^   .-  c 

i)  o  rt 


|49| 


THE  STORY  of  the  LIBERTY  LOANS 


Special  sales  days  had  a  very  stimulating  effect  on  the  campaign.  Satur- 
day, October  20,  was  made  aviation  day  and  men  from  all  army  training  camps 
in  the  United  States  "bombed"  cities  with  Liberty  Loan  literature.  Millions 
of  dollars  worth  of  bonds  were  sold  on  October  24,  designated  by  President 
Wilson  as  Liberty  Day.  The  Boy  Scouts,  300,000  strong,  brought  in  a  flood 
of  subscriptions  in  a  special  one-week  campaign. 

While  Secretary  McAdoo  was  on  the  Pacific  coast  speaking,  word  came  to 
him  that  German  sympathizers  were  attempting  to  intimidate  bankers  who 
were  active  in  connection  with  the  campaign.  He  immediately  issued  a 
statement  inviting  bankers  to  send  the  names  of  the  guilty  persons  to  him,  with 
the  understanding  that  he  would  prosecute  them.  Mere  publication  of  this 
statement  sufficed  to  frighten  the  pro-Germans  so  badly  that  they  gave  no 
further  trouble  in  this  direction. 

In  some  sections  of  the  country,  it  was  deemed  necessary  to  resort  to 
vigorous  methods  in  order  to  stamp  out  unpatriotic  and  treasonable  activities 
which  were  hurtful  to  the  loan.  German  sympathizers  in  a  few  places  declined 
absolutely  to  subscribe  to  bonds  and  local  committees  took  it  upon  themselves 
to  impress  the  slackers  forcibly  with  the  necessity  for  every  resident  of  the 
United  States  to  support  his  country  in  time  of  war.  Local  committees  some- 
times resorted  to  such  stringent  methods  as  placing  German  sympathizers  who 
refused  to  buy  bonds  on  exhibition  in  wire  corrals  in  public  places  until  the 
recalcitrants  were  prepared  to  show  their  loyalty  to  the  country  by  investing 
in  bonds.  Such  methods  were  resorted  to  only  rarely,  as  they  always  were 
frowned  upon  by  the  Treasury  Department,  but  many  local  committee- 
men were  of  the  opinion  that  they  were  helpful  in  extreme  cases. 

On  the  whole,  however,  the  campaign  was  well  supported,  and  as  early  as 
the  beginning  of  the  third  week  of  the  campaign  it  was  evident  that  the  mini- 
mum quota  sought,  $3,000,000,000,  would  be  greatly  oversubscribed.  As  an 
illustration  of  the  scope  of  sales,  on  one  day  there  were  reported  to  the  Treasury 
Department  sales  to  the  President  of  Panama  and  his  cabinet,  citizens  of 
Hawaii,  Cuba,  Porto  Rico,  the  Philippine  Islands,  and,  finally,  to  inmates  of 
every  prison  in  the  United  States. 

On  the  closing  night  of  the  loan,  October  27,  Secretary  McAdoo  said  that 
a  great  oversubscription  had  been  obtained  and  a  few  da>s  later  the  official 
total  of  §4,617,532,300  was  announced.  Of  this  amount  $3,807,891,900  was 
accepted.  The  total  number  of  subscribers  was  in  excess  of  9,400,000. 
Total  subscriptions  by  districts  and  states  were  a?  follows: 
Districts— Boston  $476,950,050;  New  York  $1,550,453,450;  Philadelphia 
$380,350,250;  Cleveland  $486,106,800;  Richmond  $201,212,500;  Atlanta  $90,- 


THE  STORY  of  the  LIBERTY  LOANS 


695,750;  Chicago  $585,853,350;  St.  Louis  $184,280,750;  Minneapolis  $140,932,- 
650;  Kansas  City  $150,125,750;  Dallas  $77,899,850;  San  Francisco  s$292,671,- 
150,  totaling  $4,617,532,300. 

States— Alabama  $15,641,500;  Arizona  $12,092,450;  Arkansas  $13,572,950 
California    $183,371,200;    Colorado    $23,017,850;    Connecticut    $80,514,600 
Delaware  $8,314,200;  District  of  Columbia  $23,561,400;  Florida  $8,978,150 
Georgia  $22,046,100;  Idaho  $10,833,300;  Illinois  $271,731,750;  Indiana  $81,- 
403,050;    Iowa    $82,922,400;    Kansas    $30,104,500;    Kentucky    $33,873,100; 
Louisiana  $25,693,450;   Maine  $25,840,500;    Maryland   $54,343,300;    Massa- 
chusetts    $317,799,250;     Michigan     $115,530,550;     Minnesota     $79,504,200; 
Mississippi   $12,072,800;  Missouri  $122,226,600;   Montana  $19,996,400;  Ne- 
braska $33,317,200;  Nevada  $2,870,050;  New  Hampshire  $18,327,800;  New 
Jersey   $140,336,850;   New   Mexico   $3,945,700;   New   York   $1,413,045,800 
North  Carolina  $27,531,200;  North  Dakota  $10,230,550;  Ohio  $268,304,950 
Oklahoma    $28,998,800;    Oregon    $25,027,400;    Pennsylvania    $497,372,550 
Rhode  Island  $38,983,100;  South  Carolina  $17,921,750;  South  Dakota  $12,- 
864,600;  Tennessee  $31,591,950;  Texas  $66,045,250;  Utah  $15,322,450;  Ver- 
mont $11,256,850;  Virginia  $51,373,250;  Washington  $41,024,850;  West  Vir- 
ginia $35,804,450;  Wisconsin  $86,941,150;  Wyoming  $5,692,200;  Alaska  $1,070,- 
600;  Haw&ii  $5,724,000,  totaling  $4,617,532,300. 


REMEMBER  I 

The  Rag  Of  Liberty 

Support  It! 


TRANSLATION  FROM  THE  FRENCH 

Third  Loan  for  the  National  Defense 

Subscribe 
For  Fnuice  Jfho  Wars! 

For  the  little  one  who  each  day 
advances  a  step  toward  womanhood 


[54] 


3-  EMPRUNT 

DE    LA    DEFENSE    NATIONALE 


Nv(n4^0\MK/i. 


-A^C 


L, 


JOStrM  CHARI.ri_ 


£  3  ° 


?■     ^  P  =  c 

^      g   O    in    o 


l^lS  be 


50] 


1 57  J 


u 


SOUSCRIVEZ  A  L  EMPRUNT  NATIONAL 

LES    SOUSCRIPTIONS    SONT     RECUES    A    PARIS    ET    EM     PROVINCE 

BANQUE   NATIONALEde  CREDIT 


TRANSLATION  KROM  THIC  FRENCH 

For  the  Flcl(r 
For  J  ictory 

Subscribe  to  the  National  Loan 
Subscription  received  in  Paris  and  throughout  the  country 

THROUGH  THE  NATIONAL  CrEDII    BaNK 


[59] 


huymave 

Liberty  Bonds 


THIRD  LIBERTY  LOAN 

THE  Third  Liberty  Loan  campaign  was  notable  for  the  manner  in  which 
it  reached  down  into  the  heart  of  the  small  communities. 
One  new  feature  which  was  responsible  for  this  situation  was  the 
offering  of  honor  flags  to  communities  which  equalled  or  exceeded  their 
quotas.  J.  H.  Burton,  a  widely  known  New  York  business  man,  conceived 
the  idea  and  it  proved  to  be  one  of  the  most  potent  influences  of  the  cam- 
paign. Competition  among  communities  in  every  part  of  the  United  States 
to  be  either  the  first  in  the  country,  or  in  certain  sections  of  the  country,  to 
earn  the  right  to  fly  an  honor  flag  aroused  the  keenest  competition.  Forty- 
nine  cities  reported  on  the  opening  day  of  the  loan  that  they  had  achieved 
their  quotas  during  the  first  minute  of  the  loan.  Many  cities  sent  represen- 
tatives to  their  Federal  Reserve  Bank  centers  and  to  Washington  to  file  their 
claims  for  flags.  An  extra  star  was  awarded  to  a  city  every  time  it  doubled 
its  quota,  and  it  was  not  unusual  for  communities  to  win  several  extra  stars. 
Carthage,  Ohio,  the  banner  city  of  the  country,  won  forty-seven  stars. 

During  this  campaign  war  exhibit  trains  were  used  for  the  first  time. 
Exhibits  of  war  materiel,  including  cannon  and  other  implements  necessary  to 
trench  warfare,  were  borrowed,  largely  from  the  French  government,  and 
routed  on  six  special  trains  through  the  St.  Louis,  Dallas  and  Atlanta  districts. 
Speakers  of  national  reputation  and  soldiers  who  had  seen  active  service  in 
France  accompanied  the  trains.  The  exhibits  proved  an  enormous  success, 
carrying  the  war  into  the  homes  and  the  hearts  of  the  people  as  it  never  had 
been  brought  to  them  before.  Sales  of  bonds  amounting  to  millions  of  dollars 
w-ere  directly  traceable  to  the  use  of  these  trains. 

More  than  a  hundred  United  States  soldiers,  who  had  seen  service  with 
Pershing,  and  fifty  of  the  famous  French  "Blue  Devils"  were  brought  to  this 
country  and  sent  on  speaking  tours. 

President  Wilson,  Vice-President  Marshall  and  virtually  every  member  of 
the  Cabinet  participated  in  the  speaking  campaign.  Secretary  McAdoo  made 
another  swing  around  the  country. 

Many  special  days  were  set  aside  in  behalf  of  the  loan.  The  opening  day, 
April  6,  which  was  the  anniversary  of  the  first  year  of  the  war,  was  declared 
a  holiday  in  almost  every  state.  On  the  night  of  April  12  Liberty  Loan  rallies 
were  held  in  more  than  a  hundred  thousand  school-houses  throughout  the 
country.  On  April  21,  114,000  preachers  delivered  Liberty  Loan  sermons. 
April  27  was  observed  throughout  the  United  States  as  National  Liberty  Loan 
Day. 

This  campaign  also  was  notable  for  its  rapid  forward  strides  in  poster  art, 
thanks  in  part  to  the  Division  of  Pictorial  Advertising  of  the  Committee  on 
Public  Information,  of  which  Charles  Dana  Gibson  was  chairman.  This 
division,  cooperating  with  the  Treasury  Department,  induced  man>'  widely 
known  artists  in  the  Third  and  subsequent  loans  to  contribute  poster  designs 

61 


THE  STOKY  of  the  LIBERTY  LOANS 


to  the  campaign.  Artists  also  contributed  independently,  with  the  result 
that  at  times  as  many  as  250  sketches  were  submitted  to  the  Department 
through  the  Bureau  of  Publicity. 

Fifty  cartoonists  also  contributed  drawings  to  this  campaign  which  were 
used  in  a  "Wordless  Book"  and  distributed  to  the  extent  of  5,000,000.  The 
cartoonists  of  the  country,  in  the  Third  and  other  campaigns,  also  drew  hun- 
dreds of  special  cartoons,  some  of  which  are  reproduced  in  this  book,  which 
helped  put  the  loan  over. 

In  the  closing  days  of  the  campaign  Frederic  J.  Haskin,  a  Washington  news- 
paper man,  conceived,  and  the  Bureau  of  Publicity  for  the  War  Loan  Organ- 
ization executed,  the  "match  the  President"  feature  which  stands  out  as  one 
of  the  greatest  single  selling  achievements  of  the  war.  On  a  certain  night 
President  Wilson  announced  that  although  he  had  bought  Liberty  Bonds  to 
his  financial  limit,  he  would  buy  another  $50  bond  on  the  installment  plan 
and  he  invited  all  patriotic  Americans  to  "match"  his  purchase.  The  result 
was  a  flood  of  subscriptions  which  it  is  conservatively  estimated  totaled  $100,- 
000,000. 

The  $3,000,000,000  total  sought  was  obtained  many  days  before  the  end 
of  the  loan  and  final  subscriptions  amounted  to  $4,176,516,850,  representing 
sales  to  18,308,325  subscribers. 

Subscriptions  by  districts  and  states  follow: 

Districts— Boston  $354,537,250;  New  York  $1,115,243,650;  Philadelphia 
$361,963,500;  Cleveland  $405,051,150;  Richmond  $186,259,050;  Atlanta 
$137,649,450;  Chicago  $608,878,600;  St.  Louis  $199,835,900;  Minneapolis 
$180,892,100;  Kansas  City  $204,092,800;  Dallas  $161,220,650;  San  Francisco 
$287,975,000;  Treasury  subscriptions  $17,917,750.    Total  $4,176,516,850. 

Treasury  subscriptions  represent  money  sent  directly  to  the  Treasury  De- 
partment for  the  purchase  of  bonds. 

States— Alabama  $23,153,850;  Arizona  $11,176,450;  Arkansas  $22,709,950 
California  $174,823,150;  Colorado  $31,049,800;  Connecticut  $70,319,550 
Delaware  $25,396,400;  District  of  Columbia  $25,992,250;  Florida  $18,031,100 
Georgia  $39,133,050;  Idaho  $10,657,050;  Illinois  $279,253,700;  Indiana  $84.- 
729,200;  Iowa  $117,211,450;  Kansas  $47,390,700;  Kentucky  $43,672,600; 
Louisiana  $34,533,150;  Maine  $18,348,100;  Maryland  $48,729,800;  Massa- 
chusetts $228,329,750;  Michigan  $107,671,400;  Minneapolis  $98,778,000; 
Mississippi  $17,804,950;  Missouri  $110,811,350;  Montana  $17,632,750;  Ne- 
braska $50,684,850;  Nevada  $4,725,250;  New  Hampshire  $14,252,000;  New 
Jersey  $139,914,300;  New  Mexico  $5,998,500;  New  York  $985,559,600;  North 
Carolina  $24,582,250;  North  Dakota  $12,100,400;  Ohio  $225,133,350;  Okla- 
homa $39,440,500;  Oregon  $28,291,700;  Pennsylvania  $446,753,550;  Rhode 
Island  $28,717,700;  South  Carolina  $19,426,250;  South  Dakota  $31,443,600; 
Tennessee  $33,762,000;  Texas  $97,322,500;  Utah  $13,048,650;  Vermont 
$9,330,750;  Virginia  $44,048,750;  Washington  $42,908,350;  West  Virginia 
$31,913,250;  Wisconsin  $86,484,250;  Wyoming  $7,330,550;  Alaska  $1,737,250; 
Hawaii  $4,819,850;  Guatemala,  C.  A.,  $500;  Treasury  subscriptions  $17,917,750; 
Unallocated  $529,150. 


^'Jfye  break  &ith 

we  shall  not  sleep 


BUY  VICTORY  BONDS 


-:si2.'. 


Ktj^'i 


^■^  ^     J 

';-■*•       K  ^ 


TO  MAI^RTHE  WORLD 

A  DECEN^Ili^^O  LIVE  IN 

DO  YOUR  PART- BUY  U.S;GOVERNMENT  BONDS 


THIRD  LIB 


LOAN 


©  Undc. 


THE  OPEXINC.  OF  THK  FOIRTH 


Vice-President  Marshall  is  here  buying  a  Liberty  Bond  offered  by  Miss  Geraldine  Farrar,  Opera  Singer 

and  Liberty  Loan  Volunteer.     This  was  the  first  bond  sold  in  the  Fourth  Campaign,  which  was  destined 

to  close  as  the  greatest  single  financial  achievement  in  all  history,  not  alone  because  of  magnitude  of  sales, 

but  because  of  difficulties  overcome. 


ir,4| 


FOURTH  LIBERTY  LOAN 

THE  Fourth  Liberty  Loan  campaign,  which  ran  from  September  28  to 
October  19,  1918,  inclusive,  always  will  stand  out  as  the  greatest  single 
financial  drive  conducted  during  the  entire  war. 

This  statement  is  true  not  only  because  the  largest  amount  of  money  and 
the  largest  number  of  subscribers  to  any  single  loan  were  obtained,  but  also 
because  these  remarkable  results  were  achieved  in  spite  of  what  appeared  to 
be  insurmountable  obstacles. 

Two  great  forces — a  widespread  epidemic  of  Spanish  influenza  and  a 
determined  peace  drive  by  the  German  government — combined  to  make  the 
problem  of  floating  the  loan  extremely  difficult.  As  a  result  of  the  epidemic 
practically  all  public  meetings  were  canceled  in  many  sections  of  the  country 
and  no  section  entirely  escaped  the  effects  of  the  dread  disease.  The  Hun 
peace  drive  had  even  a  more  far-reaching  and  sinister  effect.  Pro-Germans  and 
other  foes  of  the  government  who  had  been  frightened  into  a  dormant  state  by 
the  assertion  of  aggressive  Americanism  on  every  hand,  again  raised  their  snake- 
like heads  above  the  surface  and  resumed  emitting  their  poisonous  propaganda. 

In  the  face  of  these  great  discouragements,  however,  the  Libert^'  Loan 
volunteer  army  again  proved  itself  unbeatable.  Someone  has  said  in  relation 
to  the  epidemic  feature  of  the  drive  that  the  workers  "buried  their  dead  in  the 
morning  and  sold  bonds  in  the  afternoon. "  And  everj'where  that  the  Kaiser's 
peace  overtures  appeared  to  receive  even  a  lukewarrn  reception,  workers  fell 
upon  the  community  and  did  their  utmost  to  nullify  its  insidious  and  harmful 
effects. 

How  well  the  workers  succeeded  is  best  shown  by  the  cold  figures  on  the 
results  of  the  loan.  Total  bond  allotments  reached  $6,992,927,100  and  the 
total  number  of  subscribers  was  22,777,680. 

It  was  evident  several  months  before  the  campaign  opened,  even  when 
the  coming  of  the  influenza  epidemic  and  the  German  peace  drive  were  not 
expected,  that  the  floating  of  the  loan  would  not  be  an  easy  task.  Our  army 
really  was  just  getting  into  action.  American  dollars  were  being  shot  across 
the  western  front  by  hundreds  of  millions  in  the  form  of  bullets  aimed  at  the 
Hun  hordes.  Hundreds  of  thousands  of  soldiers  were  being  rushed  to  France 
in  troop  ships  and  the  biggest  army  America  had  ever  had  was  in  camp  in 
this  country.  Hence,  expenses  were  mounting  as  they  never  had  before  and 
the  golden  stream  of  money  required  to  maintain  all  of  this  country's  activities 
was  nothing  short  of  stupendous.  The  proceeds  of  the  Third  Liberty  Loan 
were  expended  before  the  Fourth  Loan  had  gotten  under  way. 

In  the  face  of  these  conditions  timorous  individuals  began  to  decry  efforts 
to  float  further  loans  by  popular  subscription,  urging  that  thej'  should  be 
taken  by  banks  and  wealthy  men.  One  of  the  frequent  assertions  was  that 
the  people  of  moderate  means  had  all  the  bonds  they  could  reasonably  carry 
and  therefore  they  should  buy  no  more.  Still  others,  unwilling  to  go  on  record  as 
absolutely  opposing  popular  flotation  of  bond  issues,  urged  that  the  bonds  be 

(55 


THE  STORY  of  the  LIBERTY  LOANS 


made  tax  free  or  that  the  interest  rates  be  raised  to  an  indefensible  level.  Simul- 
taneously, sharks  of  the  worst  type  began  intensive  campaigns  for  the  purchase 
and  resale  of  Liberty  Bonds,  with  the  result  that  the  market  prices  of  the  securi- 
ties dropped  to  unwarranted  levels.  Hence,  many  so-called  "experts"  ex- 
pressed fear  that  the  low  market  standing  of  the  bonds  would  be  sufificient 
to  defeat  another  popular  loan. 

Fortunately,  however.  Treasury  officials  had  learned  by  their  intimate 
touch  with  the  people  during  the  three  preceding  loans  that  American  patriotism 
was  measured  neither  by  the  market  value  of  securities,  the  interest  rate  on 
them,  nor  the  price  of  any  sacrifice.  Therefore,  as  early  as  June,  1918, 
a  statement  was  issued  declaring  that  under  no  circumstances  would  the 
interest  rate  be  in  excess  of  4^  per  cent,  and  the  Treasury  stood  firmly 
by  this  declaration  almost  three  months  later  when  it  announced  the  terms 
of  the  loan. 

On  the  opening  day  of  the  loan  it  was  noticed  that  a  great  change  had 
taken  place  in  the  attitude  of  the  entire  country  toward  popular  financial 
campaigns.  The  flamboyant  holiday  spirit  which  had  been  so  noticeable  in 
some  of  the  previous  loans,  if,  indeed,  frequently  it  had  not  been  the  dominant 
note,  had  almost  entirely  disappeared.  Supplanting  it  was  an  attitude  of  grim 
will  to  succeed  without  ostentation.  In  other  words,  the  country  had  set  its 
teeth  and  put  its  shoulder  to  the  wheel  as  it  never  had  before. 

Scarcely  had  the  loan  opened  when  a  message  from  San  Francisco  told  of 
the  subscribing  of  Alaska's  entire  quota  by  a  Pacific  Coast  packing  concern 
which  had  large  Alaskan  interests.  Word  of  this  subscription  flashed  to 
Alaska  brought  the  determined  response  that  the  people  of  the  territory 
were  unwilling  to  have  their  quota  subscribed  by  any  one  interest,  and  that 
while  the  subscription  was  appreciated  they  most  certainly  would  obtain  their 
quota  by  private  subscriptions.  Many  Alaskan  communities  went  even  far- 
ther than  this  in  the  subsequent  days  of  the  campaign,  doubling  and  tripling 
their  quotas. 

Four  days  after  the  loan  opened  the  state  of  Iowa  was  officially  reported 
to  have  subscribed  its  quota.  The  state  of  Oregon  later  asserted  that  it  had 
obtained  its  quota  before  Iowa.  The  Treasury  Department  never  was  able 
to  decide  which  state  was  entitled  to  initial  honors,  so  it  sent  congratulatory 
telegrams  to  both  states. 

Before  the  campaign  was  five  days  old  influenza  had  begun  to  assert  itself 
in  the  Boston  district.  Initial  reports  of  it  came  from  Worcester,  Mass., 
where  an  elaborate  voting  system  that  had  been  worked  out  for  putting  over 
the  loan  had  to  be  abandoned  at  the  last  minute  on  account  of  the  widespread 
epidemic.  Undaunted,  however,  the  citizens  went  doggedly  ahead  and  raised 
their  quota  of  $15,000,000.  From  that  day  henceforth,  the  story  in  the  New 
England  districts  was  one  of  abandoning  public  meetings,  making  house-to- 
house  canvasses  and  resorting  to  unique  forms  of  bond  selling  because  of  the 
spread  of  the  epidemic.  Nevertheless  the  sturdy  New  Englanders  fought  a 
bitter  fight  to  the  end  and  emerged  from  the  campaign  gloriously  victorious. 

News  of  the  difficulties  under  which  the  New  England  and  other  districts 
stricken  by  the  "flu"  were  laboring  only  aroused  more  fortunate  districts  to 


'■'<               / 

r'                  i 

i 

^■Hf 

1 

1 

II 

i 

'^  '^'A 

1 

^ 

^1 

^B 

■*•••••    1 

THE  TIME  HAS  GOME  TO 
CONQUER  OR  SUBMIT."  - 

FOR  US  THERE  IS  BUT  ONE 
CHOICE.  WE  HAVE  MADE  IT- 


PRESIDENT  WILSON. 


BUY  A  BOND  OF  THE 

2"- LIBERTY  LOAN 


AND 


HELP  WIN  THE  WAR 


A  LIBERTY  BOND  IS  A  UNITED  STATES  GOVERNMENT  BOND 


[68] 


3vc  c 


1 09] 


translation  from  the  chinese 
"Cruelty  of  the  Huns" 

Buy  Liberty  Bonds  to  Insure  If'orld  Liberty 


\7\\  ^  '      '    '^   1     ' 


YOU 

buy  a 

IbertyBond 

T     TO-DAY 

ml  do  thf  rostf 


Shall  we\be  iVv<9re    . 
tender  wi<h,^iit|     ^ 
doUazv  than  with 
the  Uvea  alcor  toiig* 

Sccr,-fi,ry  of  th.lrea.sur/ 

Buy  a  United  States  Government  Bond  of  the 
^„j of  1917  - 


Remember  Yourfirst  Thrill  qf 
AMERICAN  LIBERTY/ 


YOURDUTY^ 

United  SutesGovernment  JjOllds 

2°Tiber(7Loanofl9l7 


Buy  A 


LIBERTY 
BOND 

OfT^e  U.S.  Government 


And  \^AR  This  Button - 
It  Is  A  Badge  Of  Honor 


ARE  YOU  100% 
AMERICAN? 

PROVE  IT! 

BUY 
U.S.GOVERNMENT  BONDS 

THIRD 
LIBERTY  LOAN 


WOMEN! 

HELP  AMERICAS  SOKS 

WIN  THE  WAR 


U  S^e'oVEBMMENTWa 


.  'ir  ■  ^:-' 


OF    1917" 


\fj3Sy 


The  Spanish  of  this  poster  also  reads  : 
Your  Liberty  Bond  If  111  Stop  This 


1 741 


Sus  Bonos  de 

la 

ayudaran  a  dar 

fin  con  esto 


UBERn  BOND 

Will  Help  Stop  This 


"War  is  the  great  leveler. 


SOCIAL  yUEEN  AXU  IIOBO  KlNc; 
Here  are  shown  Mrs.  W.  K.  Vanderbilt,  pre-eminent  in  wealth,  culture  and 


social  distinction,  joining  forces  in  the  sale  of  Liberty  Bonds,  with  Jeflf  Davis,  the  self-styled  "  King  of 
the  Hoboes."  She    took  the    subscriptions  while  he    harangued  the  buyers  with  inimitable  slang. 


1761 


,IC'KV  (.IKl. 


Miss  Taft,  niece  of  ex-presi<ltMn  Taft,  look  a  dare  for  the  good  of  the  cause,  and  with  ahuost  nnbehevc-- 

able  pUick  mounted  a  fire  ladder  rung  by  rung,  each  step  representing  a  bond  purchased,  until  she  readied 

this  dizzv  height  and  it  seemed  that  she  could  reach  out  and  touch  the  lofty  Woolworth  tower. 


I"l 


THE  STOV.Y  of  the  LIBERTY  LOANS 


greater  efforts,  and  many  were  the  storiesof  sacrifices  that  reached  the  Treasury 
Department.  Down  in  Raleigh,  N.  C,  a  Uttle  bhnd  girl  who  worked  in  a  mill 
subscribed  for  a  $100  bond  and  226  orphan  children  in  the  same  vicinity  bought 
a  $1,000  bond.  David  Raines,  a  colored  man  in  the  Caddo,  Louisiana,  parish, 
bought  $100,000  worth  of  bonds,  this  investment  representing  his  entire  bank 
account,  which  he  had  amassed  through  the  sale  of  oil  rights. 

By  the  end  of  the  first  week  of  the  campaign  the  influenza  epidemic  and 
the  German  peace  propaganda  were  delivering  telling  blows  despite  the  efforts 
of  everyone  connected  with  the  drive  to  thwart  them.  Our  armies  were  ad- 
vancing rapidly  on  the  German  foe  and  the  Kaiser  and  his  cohorts  had  begun 
to  send  out  peace  feelers  on  every  hand.  The  weak-kneed  and  the  pro-German 
propagandists  in  this  country  immediately  seized  upon  the  opportunity  to 
shout  that  the  war  was  over  and,  despite  the  apparent  ridiculousness  of  their 
claim,  it  carried  conviction  in  many  parts  of  the  nation.  So  serious  did  the  sit- 
uation become  that  both  President  Wilson  and  Secretary  McAdoo  issued 
vigorous  appeals  to  offset  the  rapidly  growing  handicaps. 

The  two  statements  had  a  very  stimulating  effect  upon  the  loan  and  the 
whole  country  soon  settled  down  to  the  business  of  achieving  the  quota. 
The  loan  by  this  time  had  passed  the  fifty  per  cent  mark  and  on  October  19  the 
St.  Louis  District  went  over  its  quota,  being  the  first  in  the  country  to  accom- 
plish this  result.  Shortly  after  the  St.  Louis  District  reported  that  it  had 
attained  its  quota  the  Minneapolis  District  made  a  similiar  report.  Then 
in  the  last  hours  of  the  loan  unparalleled  enthusiasm  gripped  the  country 
and  every  Federal  Reserve  District  obtained  its  quota.  The  final  results  of 
the  loan  were  as  follows: 

By  Federal  Reser\'e  Districts— Boston  $632,124,850;  New  York  $2, 044,931,- 
750;  Philadelphia  $598,763,650;  Cleveland  $701,909,800;  Richmond  $352,685,- 
200;  Atlanta  $217,885,200;  Chicago  $969,209,000;  St.  Louis  $295,340,250; 
Minneapolis  $242,046,050;  Kansas  City  $295,951,450;  Dallas  $146,090,500; 
San  Francisco  $462,250,000. 

By  States— Alabama  $36,216,500;  Arizona  $14,533,700;  Arkansas  $26,657,- 
650;  California  $291,134,950;  Colorado  $42,007,550;  Connecticut  $124,558,750; 
Delaware  $22,621,300;  District  of  Columbia  $51,262,100;  Florida  $27,538,350; 
Georgia  $62,814,550;  Idaho  $16,895,150;  Illinois  $467,291,200;  Indiana  $136,- 
753,800;  Iowa$158, 155,400;  Kansas$73,914,550;  Kentucky  $64,217, 800;Louisi- 
ana  $50,438,350;  Maine  $27,694,150;  Maryland  $88,064,800;  Massachusetts 
$405,257,500;  Michigan  $177,349,000;  Minnesota  $133,315,250;  Mississippi 
$27,708,150;  Missouri  $177,244,300;  Montana  $22,489,050;  Nebraska  $75,583,- 
200;  Nevada  $5,996,150;  New  Hampshire  $21,979,050;  New  Jersey  $236,816,- 
600;  New  Mexico  $5,898,150;  New  York  $1,826,448,250;  North  Carolina 
$48,186,850;  North  Dakota  $21,657,450;  Ohio  $384,864,300;  Oklahoma  $48,- 
724,300;  Oregon  $38,362,550;  Pennsylvania  $812,217,400;  Rhode  Island 
$61,350,300;  South  Carohna  $38,580,550;  South  Dakota  $36,815,850;  Tennessee 
$55,867,250;  Texas  $124,651,500;  Utah  $19,878,600;  Vermont  $15,315,450; 
Virginia  $86,079,500;  Washington  $70,189,650;  West  Virginia  $54,748,900; 
Wisconsin  $122,397,300;  Wyoming  $10,183,150;  Alaska  $3,180,950;  Hawaii 
$7,080,650;  Treasury  $33,885,550.     Grand  Total  sales  $6,993,073,250. 


THE  VICTORY  LIBERTY  LOAN 

ONE  poster  used  in  the  Victory  Liberty  Loan  campaign,  that  of  a  work- 
ingman  with  a  broad  smile  on  his  face,  reaching  for  his  pocketbook  and 
saying,  "Sure,  We'll  Finish  the  Job,"  typified  the  final  great  Liberty 
Loan  drive.  From  one  end  of  the  United  States  to  the  other  patriotic  America 
again  bought  bonds  generously  in  a  determination  to  show  a  doubting  world 
that  it  was  willing  to  continue  to  fight  debts  with  its  dollars  as  strenuously 
as  it  had  fought  the  savage  Hun  with  shrapnel. 

The  campaign  was  a  tremendous  success,  for  a  total  of  $5,249,908,300  was 
subscribed  during  the  three  weeks'  drive,  which  started  on  April  22,  1919. 
This  was  $749,908,300  more  than  Treasury  officials  had  asked.  What  gave 
more  general  satisfaction,  however,  than  the  amount  subscribed  was  the  fact 
that  11,803,895  persons  bought  bonds. 

As  had  been  the  case  prior  to  other  Liberty  Loan  campaigns,  there  was 
present  before  the  beginning  of  the  Victory  Liberty  Loan  a  small  crowd  of 
calamity  howlers  in  different  parts  of  the  country  who  declared  that  the  loan 
was  doomed  to  failure.  Some  of  them  even  advocated  not  attempting  a  popular 
loan,  and  urged  that  the  money  needed  be  raised  by  increasing  taxes.  Still 
others  maintained  that  unless  the  interest  rate  on  the  bonds  was  raised  to  five 
per  cent  and  the  sales  put  on  a  commercial  basis  the  loan  would  fail.  They 
reckoned  not,  however,  with  Carter  Glass,  the  new  Secretary  of  the  Treasury. 
This  fighting  Virginian,  although  new  to  the  office  of  Secretary,  was  not  to  be 
misled  by  a  timorous  minority.  In  the  many  years  that  he  had  served  in 
the  House  of  Representatives,  where  he  fathered,  among  other  pieces  of 
constructive  legislation,  the  renowned  Federal  Reserve  Act,  he  had  come  to 
know  that  the  American  people  never  shirk  a  patriotic  duty.  Hence,  when 
efforts  were  made  to  induce  him  to  abandon  the  popular  campaign  or  raise  the 
interest  rate  to  an  unwarranted  height,  he  declined  most  vigorously  to  accede 
to  either  suggestion. 

Speaking  before  the  Pittsburgh  Chamber  of  Commerce  on  February  8, 
1919,  in  regard  to  the  forthcoming  loan  campaign,  he  said  in  part: 

"When  I  am  told  of  the  difficulties  which  will  beset  the  Victory  Loan,  I 
refuse  to  lose  faith  in  the  enduring  patriotism  of  the  American  people;  I  decline 
to  believe  that  the  fathers  and  the  mothers  who  gave  four  million  sons  to  die, 
if  need  be,  that  liberty  might  survive,  will  now  haggle  over  the  material  cost 
of  saving  the  very  soul  of  civilization  from  the  perdition  of  Prussian  tyranny. 

"But  I  am  told,  in  a  rather  disconcerting  way,  by  men  of  steady  judgment 
and  tested  patriotism,  that  we  must  approach  the  problem  of  future  loans  in  a 
distinctly  cold-blooded  mood;  that  things  have  assumed  a  different  phase; 
our  attitude  of  mind  and  heart  is  altered;  we  must  consider  the  matter  strictly 
from  an  investment  point  of  view  and  put  the  loan  on  a  commercial  basis. 

80 


so   PREPARE  FOR  IT 
BY    INVESTING     IN 


A\       P» 


[^1TDPD(§^ir 


©  Un.iertnoii  »  Ciuy, 


Chaste  in  design,  painstaking  in  execution  and  beautiful  in  its  broad  expanse,  the  Liberty  Altar  at  Madison 
Square,  New  York,  was  impressive  to  even  the  most  casual.  Thousands  of  people,  representing  scores  of 
different  nationalities,  here  pledged  their  support  to  the  Liberty  Loans  and  their  loyalty  to  America. 


[82] 


©Ihnlcr-.i'ood  &  Undcru'ooil  "~^ 

A  r.KlCAT  I.KADI.R   IN   A  Ckl-.Al'  CArSE. 

The  call  of  America  through  llic  Liberty  Loan  Cani|)aigiis  was  aiis\vere<l  as  no  other  (leniands  of  any 

country  have  been  answered  in  all  history,      l-rom  the  richest  to  the  poorest,  from  the  humblest  to  the 

most  exalted  citizen  came  the  response.  "I  will."    Here  the  great  American  financier,  J.  Pierpont  Morgan, 

heads  a  Liberty  Loan  procession. 


|S,^| 


iotitOut 

with 

LIBERTY 
BONDS 


Uoep 


Boy  mom  LIBHITV  BONDS 


«    OJ    o 


a  'o  V 


•J 

3:^. 

4->    D 

<- 

d    bA 

u 

6  S'  b 

X 

Sc/5   >. 

'^ 

IS    4)    !£ 

-t; 

-^  M  -^ 

23     «  -.t; 
O      S  53  2 


=  o  >" 


■^  a 


ite^ir'*" 


[861 


-C'3 
"2  §  = 

§  q  5 

o—  £ 

b  v-  ^ 

-  rt  S 


So^ 


—     'C   2.0^ 


-  SssI 


[87J 


THAT  LIBERTY  SHALL  NOT 

PERISH   FROM  THE  EARTH 

BUY  LIBERTY  BONDS 


F^  O  U  FITH 


LI  B  E  RT"^ 


LO>^INI 


THE  STOKY  of  the  LIBERTY  LOANS EiGHTY.&^gj 

Some  men  tell  me  it  will  be  impossible  again  to  appeal  to  the  patriotism  of  the 
American  people.  Frankly,  gentlemen,  I  should  despair  of  my  country  if 
these  things  were  exactly  true.  I  should  doubt  our  ability  to  cope  with  the 
problems  of  peace  if  we  so  quickly  should  forget  the  obligations  of  war.  I 
wonder  if  those  who  talk  in  this  fashion  speak  considerately?  They  tell  about 
the  '  sacrifices '  the  American  people  have  made,  and  in  their  voices  there  is  a 
metallic  tone  and  in  their  mien  unconscious  austerity.     *     *     *     * 

"We  are  not  going  to  approach  the  last  Liberty  Loan  strictly  in  a  commercial 
spirit.  We  are  not  going  to  float  it  strictly  on  a  commercial  basis.  It  is 
impossible  to  do  it.  A  little  thought  will  teach  the  wasest  among  the  financiers 
of  this  country  that  it  is  impossible  now  to  float  purely  for  investment  pur- 
poses a  loan  of  five  or  six  billions  of  dollars.  We  have  got  to  appeal  to  the 
patriotism  of  the  American  people,  and  it  will  not  be  done  in  vain.  There  are 
yet  two  million  American  boys  in  France  and  Germany  who  must  be  main- 
tained in  comfort  and  brought  home  in  safety,  and  provided  with  employment 
on  their  return.  While  Congress  is  writing  off  the  books  $15,000,000,000  of 
authorizations,  for  which  public  funds  would  have  been  expended  had  not 
the  war  suddenly  terminated,  the  Government  is  still  expending  $2,000,000,000 
per  month  to  meet  the  honorable  commitments  of  the  country.  The  honor  of 
the  Government  is  involved.  Being  your  Government,  it  is  your  honor  that  is 
involved ;  and  I  know  that  the  appeal  of  the  American  Government  to  the  Amer- 
ican^people  will  meet  a  response  of  which  the  Nation  will  be  proud." 

Having  sounded  his  battlecry  in  this  speech,  the  Secretary  stood  by  it 
until  the  day,  several  months  later,  when  he  saw  the  banners  of  democracy 
again  carried  forward  to  glorious  victory  in  a  great  popular  drive,  at  an  interest 
rate  of  4:^-4  per  cent.  He  did  not  achieve  this  result,  however,  without  difficulty. 
On  one  occasion  when  he  was  making  a  set  speech  he  was  interrupted  by 
cries  of  "Five  per  cent  interest"  from  the  audience.  Casting  aside  his 
manuscript,  he  took  up  the  challenge  of  the  interrupter  and  said  in  certain 
tones  that  five  per  cent  would  not  be  necessary,  in  his  opinion,  and  that  the 
patriotism  of  America  would  carry  the  loan  at  a  smaller  rate. 

The  campaign  opened  in  a  quiet,  determined  manner.  It  was  obvious 
from  the  outset  that  in  most  districts  there  no  longer  was  great  interest  in 
the  so-called  "circus  stunts."  Patriotism  was  being  expressed  in  the  ex- 
penditure of  dollars  rather  than  in  a  chorus  of  cries  and  applause.  The  coun- 
try went  at  finishing  the  job  in  a  thorough,  workmanlike  manner,  and  carried 
on  the  campaign  in  an  even  tenor  to  the  end. 

Michigan  and  Iowa,  two  states  that  always  had  attained  their  quotas 
early  in  the  campaign,  were  the  first  to  go  over  the  top.  They  reported  on 
the  third  day  of  the  campaign  that  they  had  obtained  their  quotas.  It  never 
was  officially  determined  which  state  obtained  its  quota  first. 

The  most  serious  early  handicaps  encountered  in  the  campaign  were  in 
the  Minneapolis  and  Cleveland  Districts.  Bad  weather  and  intensive  farm 
work  kept  sales  slow  in  the  Minneapolis  District,  and  certain  farming  and 
mining  communities  in  the  Cleveland  District  were  slow  to  take  their  share  of 


DO  YOUR  BIT! 


BEMEMBER 


\^m.M}M^-^^ 


Fonrf 

Liberty 
Loan 


rn  APOLOGIES  TO  THE  HORSE 


Poor  Dohliin  no  doiiljt   iiail  lived  a  blameless  life  and  did  not  deserve  this  indisfnity  nor  certainly  the 
added  insult  of  being  callcrl  the  "Crown  Prince."     Vet  such  are  the  fortunes  of  War,  and  when  his  ener- 
getic driver  sold  a  Victory  Note,  he  would  gravely  bow  his  head  in  meek  humility  of  another  wallop  for 
his  namesake  the  "Crown  Prince." 


1 9-'] 


'f^  LET'S    HAVE 
ONE     MOR£ 

;    mouNfo  — 

-  e'  BONDS 


AiNT  IT  A  Grand  AND  Glorious  Feelinc  f 


THE  STORY  of  the  IJBERTY  LOANS 


bonds.  Time  and  intensive  work,  however,  straightened  out  both  of  these 
situations. 

On  May  10,  two  days  before  the  close  of  the  campaign,  the  St.  Louis  Dis- 
trict for  the  third  consecutive  time  achieved  the  honor  of  being  the  first  dis- 
trict in  the  entire  countiy  to  attain  its  quota. 

The  following  were  the  subscriptions  by  districts  and  states:  Boston  $425,- 
159,950;  New  York  $1,762,684,900;  Philadelphia  $422,756,100;  Cleveland 
$496,750,650;  Richmond  $225,146,850;  Atlanta  $143,062,050;  Chicago  $772,- 
046,550;  St.  Louis  $210,431,950;  Minneapolis  $176,114,850;  Kansas  City 
$197,989,100;  Dallas  $87,504,250;  San  Francisco  $319,120,800;  United  States 
Treasury   $11,140,300.     Total   $5,249,908,300. 

By  States— Alabama  $21,742,150;  Arizona  $6,679,900;  Arkansas  $20,- 
488,600;  California  $203,025,300;  Colorado  $30,051,250;  Connecticut  $95,- 
466,250;  Delaware  $13,807,650;  District  of  Columbia  $28,362,250;  Florida 
$18,884,150;  Georgia  $39,443,100;  Idaho  $11,669,900;  Illinois  $371,873,002; 
Indiana  $105,102,950;  Iowa  $111,787,450;  Kansas  $51,657,200;  Kentucky 
$49,075,350;  Louisiana  $34,333,350;  Maine  $19,027,700;  Maryland  $62,688,- 
750;  Massachusetts  $252,767,450;  Michigan  $155,787,450;  Minnesota $96,677,- 
250;  Mississippi  $18,951,750;  Missouri  $73,578,050;  Montana  $12,527,100; 
Nebraska  $44,019,150;  Nevada  $3,666,700;  New  Hampshire  $16,937,050; 
New  Jersey  $178,645,050;  New  Mexico  $1,130,850;  New  York  $1,607,199,- 
250;NorthCaroHna  $27, 164,250;North Dakota  $18,690,700;Ohio $281,988,250; 
Oklahoma  $33,331,300;  Oregon  $28,409,350;  Pennsylvania  $564,173,200; 
Rhode  Island  $45,446,050;  South  Carolina,  $22,994,300;  South  Dakota 
$24,589,400;  Tennessee  $44,343,800;  Texas  $75,254,400;  Utah  $13,720,400; 
Vermont  $11,648,300;  Virginia  $60,016,250;  Washington  $47,975,350;  West 
Virginia  $39,866,150,  Wisconsin  $94,296,100,  Wyoming  $7,198,450,  Alaska 
$1,428,850;  Hawaii  $5,005,650;  U.  S.  Treasury  $11,140,300. 


m 


riOWN  AV 

LIBERTY 
V   BOND 


% 


DOUGHBOYS  OX  THE  KAISER'S  THRONE 

Sergeant  Driver,  of  Alabama,  and  companion,  seem  perfectly  at  ease  on  the  throne  of  the  Hohcnzollerns. 

That  the  American  boys  are  thus  jauntily  taking  these  liberties  with  none  to  deny  them,  sums  up  in  a 

consummate  picture  the  full  glory  of  the  Army  that  did  the  deed,  the  Navy  that  took  them  across,  and 

the  Liberty  Loan  Volunteer  Army  that  backed  them  to  the  glorious  finish. 


[lOO] 


AMKRU  AN   AKI    ACROSS  THE  RHINK 

Many  miles  lK-yo,„l  llu-  \,oaM..l  I  li.ulolKrK  li.u-  ll.csc  .loughboys  ar.  «''-y[''^'>„"';;';^^"?f  ^^^^^^^^ 
art  of  peculiar  merit  and  punch.  Significant  are  the  titles  o  these  poslers-lhe  one  '  \  -^"'^  X 
All  ■•  and  the  one  below  "  And  thev  thought  we  couUln't  fight.         1  he  Army  bought  bonds  a,  .1  fought. 


[101] 


RIN€  IT 


BUY 

U.S.GOVT 
'   BONDS 


*-*^ 


-iin 


Third  Liberty  Loan 


Good  Bye,Dad.rm  Off 
To  Fight  For  Old  Glory. 
You  Buy  U.S.GOVT 


WMuimimM 


WHAT  THE  WOMEN  DID 

A  MERICA'S  debt  to  its  women  in  the  war  never  can  be  fully  determined 
/\  nor  paid.  With  the  same  fearlessness  that  prompted  the  Russian  "Bat- 
•*•  ^  talion  of  Death  "  to  go  forward  into  battle  when  the  great  Sleeping  Bear's 
men  had  failed  her;  that  caused  modern-day  Joans  of  Arc  of  France  to  give 
their  all  for  victory  and  the  women  of  England  and  other  allied  countries  to 
relinquish  that  dearer  than  life  itself  without  the  semblance  of  a  tear,  they 
sacrificed  to  their  uttermost  for  human  liberties. 

Especially  patriotic  were  the  American  women  in  aiding  with  the  various 
Liberty  Loan  campaigns.  Not  only  did  they  buy  generously  of  the  bonds  them- 
selves, but  they  lent  invaluable  aid  in  sales  and  educational  campaigns 
both  as  individual  workers  and  members  of  the  National  Woman's  Liberty 
Loan  Committee.  Organization  started  in  May,  1917,  practically  coincident 
with  the  formation  of  the  other  national  Liberty  Loan  organization.  By  the 
close  of  the  war  the  personnel  included  one  million  workers. 

Mrs.  W.  G.  McAdoo,  wife  of  the  Secretary  of  the  Treasury,  was  made 
chairman  of  the  committee.  Other  members  of  the  committee  were:  Mrs. 
Antoinette  Funk,  Chicago,  Vice-Chairman;  Mrs.  George  Bass,  Chicago, 
Secretary;  Mrs.  Frank  A.  Vanderlip,  Treasurer,  Scarborough-on-Hudson,  N.  Y. ; 
Mrs.  Kellogg  Fairbank,  Chicago;  Mrs.  Guilford  Dudley,  Nashville,  Tenn.; 
Mrs.  J.  O.  Miller,  Pittsburgh;  Mrs.  F.  L.  Higginson,  Boston;  Mrs.  George  T. 
Guernsey,  Washington;  Miss  Mary  Synon,  Wilmette,  111.;  Mrs.  Ella  Flagg 
Young,  Chicago,  and  Mrs.  A.  S.  Baldwin,  San  Francisco. 

During  the  summer  of  1917,  Mrs.  McAdoo,  Mrs.  Funk,  and  Miss  Mary 
Synon,  who  eventually  succeeded  Mrs.  Vanderlip  as  Treasurer  and  to  whom 
the  author  is  indebted  for  much  information  in  this  chapter,  remained  in 
Washington  on  organization  work,  while  Mrs.  George  Bass,  the  Secretary,  went 
out  on  field  work,  speaking  twice  a  day  for  ten  weeks  on  Chautauqua  circuits. 
Mrs.  Kellogg  Fairbank  undertook  general  supervision  of  work  in  the  Middle 
West,  while  Mrs.  Guilford  Dudley  supervised  the  South.  Mrs.  F.  L.  Higginson 
of  Boston  had  the  New  England  district,  Mrs.  J.  O.  Miller  of  Pittsburgh  be- 
came the  Pennsylvania  state  chairman,  and  Mrs.  Frank  A.  Vanderlip  started 
the  New  York  work  of  the  organization.  Mrs.  Ella  Flagg  Young  directed 
educational  propaganda  work  out  of  Washington  and  Mrs.  George  Thacher 
Guernsey  supervised  the  bond-selling  activities  of  the  Daughters  of  the  Amer- 
ican Revolution,  of  which  she  had  been  president.  Later  Mrs.  Fairbank  took 
charge  of  the  Advisory  Council,  composed  of  the  heads  of  those  organizations 
of  women  with  nation-wide  membership,  and  Mrs.  A.  S.  Baldwin,  of  San 
Francisco,  had  the  general  organization  work  of  women  in  the  Pacific  Coast 
states. 

During  the  Fourth  Liberty  Loan  Mrs.  Young  died.  As  an  educator  and  a 
patriotic  citizen,  she  fought  tirelessly  in  defense  of  the  right,  and  thousands  of 
persons,  ranging  from  little  children,  who  had  received  the  rudiments  of 

103 


THE  STORY  of  the  LIBERTY  LOANS 


their  education  under  her  direction,  to  leading  officials  of  the  United  States 
and  foreign  governments,  who  held  her  in  the  highest  esteem,  mourned  her 
departure. 

In  the  First  Liberty  Loan  the  work  of  the  committee  was  limited  to  general 
publicity  of  war  finance  among  women.  In  the  Second  Loan  the  committee  began 
work  on  the  adjustment  of  established  organizations  of  women  throughout 
the  country  to  the  established  machinery  for  the  raising  of  the  loans.  Where 
organization  existed,  the  women  of  the  United  States  were  organized  by  states, 
while  the  Treasury  war-loan  organization  was  based  on  the  twelve  fiscal  divisions 
of  the  United  States.  The  National  Woman's  Liberty  Loan  Committee  had 
the  job  of  correlating  the  two  schemes  of  organization.  They  solved  it  by 
the  appointment  of  state  and  Federal  Reserve  chairmen,  the  former  responsible 
for  actual  organization  of  women  in  their  states,  the  latter  serving  as  represen- 
tatives to  the  Liberty  Loan  committees  of  the  respective  Federal  Reserve 
Districts.  These  Liberty  Loan  committees  elected  the  women  Federal  Reserve 
chairmen  members  of  their  own  executive  committees.  By  this  method  the 
women's  organization  became  an  integral  part  of  the  district  sales  plan  while 
retaining  its  national  inspiration. 

With  the  organization  plan  once  established,  the  enrollment  of  women 
followed  with  amazing  rapidity.  After  the  Third  Loan  there  was  a  woman 
chairman  for  almost  every  county  in  the  United  States,  and  for  practically 
every  township  and  precinct.  Every  large  city  had  a  noble  organization 
of  women  for  the  sale  of  government  securities,  and  every  village  was  repre- 
sented. 

In  the  Second  Loan  the  woman's  organization  was  officially  credited  with 
having  raised  $1,000,000,000.  They  raised  practically  the  same  amount  in 
the  Third  Loan,  with  the  added  distinction  of  having  sold  the  amount  in 
bonds  of  small  rather  than  of  large  denominations.  The  women  of  Delaware 
raised  128  per  cent  of  the  state's  quota  in  that  loan.  The  women  of  Alabama, 
Missouri,  Wyoming,  Kentucky,  and  West  Virginia  raised  approximately 
half  the  state  quotas.  In  West  Virginia,  especially,  they  were  of  great 
help  in  organizing  both  men  and  women.  In  the  Fourth  Loan  the  women  of 
Pennsylvania  raised  one-third  of  the  entire  quota  of  the  state,  or  over  $226,000,- 
000.  In  the  city  of  Pittsburgh  the  women  took  no  corporation  subscriptions, 
so  that  their  raising  of  over  $66,000,000  in  Alleghany  County  represented 
the  scrapings  of  subscriptions;  yet  this  was  41  per  cent  of  the  county's  quota, 
37  per  cent  of  the  total  subscriptions,  and  a  showing  of  65  dollars  per  capita. 

So  successful  was  the  woman's  work  in  New  England  that  the  Federal 
Reserve  Bank  of  that  district  turned  over  the  War  Savings  campaign  to  the 
women  of  the  National  Woman's  Liberty  Loan  Committee  organization. 

"Their  spirit  was  only  waiting  the  torch  of  a  national  need  for  its  lighting," 
Mrs.  McAdoo  has  said  of  women's  work  in  the  loans.  "Then  it  became  a 
beacon.  Not  only  the  actual  work  which  they  did,  but  the  work  which  they 
inspired  others  to  do  must  be  the  measurement  of  the  service  which  the  women 
of  the  United  States  accomplished  in  war  finance." 


A  L1BL:R1^■  I.OAN  sol. DUCK 

A  Western  rcgiimnt  \otril  lo  Miss  Mary  I'iikforcl  tlu"  title  of  "Coloni'l ".      Had  the  X'ohiiiteer  Liberty 

Loan  Army  had  titles  to  confer,  she  would  have  won  a  high  c-onnnission  and  every  insignia  of  merit. 

Americans,  despite  obligations  already  assumed,  could  not  resist  the  appeal  of  ".America's  Sweetheart" 

and  bought  from  her  many  millions  of  Liberty  Bonds. 


[105] 


Help 


^  KEEP  YOUR 
WAR  SAVINGS 

PLEDGE 


ISSUED  BY  U.S.  TREASURY  DEPT. 


jt(ijtt|fc|  z"'  .'-'^^^^^^^B 

TEAMWORK  Bu 

iLu^  ^nw^ 

UNITED  STATES  SHIPPING  BOARD     M     EMERGENCY  FLEET  CORPORATION 


WAR  SAVINGS  MOVEMENT 

THE  War  Savings  movement  was  started  in  the  United  States  in  the 
fall  of  1917,  under  the  leadership  and  direction  of  Frank  A.  Vanderlip, 
former  President  of  the  National  City  Bank  of  New  York,  who  then  was 
serving  the  Treasury  Department  in  connection  with  the  work  involved  in 
financing  the  Government's  war  expenses. 

As  originally  planned  and  at  first  carried  out,  this  campaign  was  not 
primarily  for  the  sake  of  raising  revenue  for  the  Government,  but  was  rather 
based  on  the  Goods  and  Service  doctrine,  thus  following  the  plan  of  the  Eng- 
lish War  Savings  movement.  The  Goods  and  Service  doctrine  was  briefly 
as  follows: 

There  was  a  limited  amount  of  labor  and  a  limited  supply  of  raw  material 
of  all  kinds  in  the  country.  The  vigorous  prosecution  of  the  war  created  a 
very  heavy  drain  on  the  labor  supply  of  the  country,  by  both  the  selective 
service  law,  which  was  calling  millions  of  men  from  their  industrial  pursuits  to 
join  the  active  army,  and  also  by  reason  of  the  fact  that  the  necessity  of  manu- 
facturing the  almost  endless  quantities  of  equipment  and  munitions  required 
to  equip  such  an  army  caused  the  establishment  of  many  new  and  varied  in- 
dustries. There  was  thus,  at  a  very  early  stage  of  the  war,  created  a  shortage 
of  labor  which  was  very  seriously  interfering  with  the  production  of  the  equip- 
ment necessary  to  maintain  our  army  and  aid  our  allies.  At  the  same  time  it  was 
apparent  that  many  of  the  non-essential  industries,  instead  of  curtailing  their 
production,  were  rather  increasing  it  owing  to  the  fact  that,  on  account  of  the 
war,  wages  had  risen  in  some  places  to  unheard  of  extent  and  much  of  the  sur- 
plus wages  was  being  spent  in  luxuries. 

Hence,  the  movement  was  meant  primarily  to  combat  this  excessive  demand 
forluxuries,thusreleasing  labor  for  both  the  actual  military  service  and  for  work 
in  supplying  munitions  for  the  army.  The  idea  of  the  campaign  was  to  impress 
upon  the  American  people  that  if  their  money,  even  in  small  amounts,  was 
lent  to  the  Government  it  would  be  possible  to  use  that  money  in  the  hiring 
of  labor  and  the  purchase  of  raw  material  for  purposes  that  would  have  a 
direct  bearing  upon  the  winning  of  the  war,  and  that  if,  as  a  result  of  this 
loaning  of  small  amounts  to  the  Government,  consumption  of  non-essentials 
was  largely  decreased,  this  would  release  labor  and  raw  material  from  non- 
essential purposes  to  the  production  of  material  absolutely  necessary  to  win  the 
war.  The  appeal  primarily  was,  "Do  not  spend  your  money  for  unnecessary 
luxuries,  as  this  will  take  labor  and  material  from  the  essential  industries." 

The  sale  of  the  25-cent  Thrift  Stamp  and  the  $5  War  Savings  Stamp  was 
carried  out  primarily  as  the  most  convenient  means  of  diverting  the  idle  quarters 
and  dollars  from  the  non-essentials  and  diverting  them  to  essential  war  pur- 
poses. The  actual  securities  were  very  siniiliar  to  those  used  by  the  Biitish. 
The  smallest  denomination  was  the  25-ccnt  Thrift  Stamp.  These  Stamps, 
as  purchased,  were  placed  on  Thrift  Cards  and  when  sixteen  Stamps  were 

107 


SHALL  WE  BE  MORE  TENDER  WITH 
OUR  DOLLARS  THAN  WITH  THE 
LIVES  OF  OUR  SONS  ?"     / 


F 


.m 


I  WE  DEPEND 
I        ON 

YOU 


BUY  A  UNITED  STATES  GOVERNMENT  BOND 


OF  THE 


LIBERTY  LOAN 


OF    1917 


TRANS]. ATIDN  FROM  THE  FRKXCll 

Ccirdiiuil  Mcrcicr  Stands 

for  the 

Protection  of  Bc/^iuni 


110] 


o  > 


-^     o  c  >, 


-  -'■  o 
^  c  5 


[112] 


[113] 


5HARE  'IN  THE  VICTORY 

SAVE  FOR  YOVR  COVNTRY '  v  1^      SAVE  FOR  YOVRSELF 


BVY  mifiSAVING  STAMPS 


^^F 


3  s  ^  d 


1161 


DEBOUT  DANS  LA  TRANCHEE 
QUE  L'AURORE  ECLAIRE.  LE  SOLDAT 
REVE  A  LA  VICTOIRE  et  A  SON  FOYER. 

POUR  QU'IL  PUISSE  ASSURER  LUNE 
ET  RETROUVER  L'AUTRE. 

SOUSCRIVEZ 
AU  3!  EMPRUNT  'd  DEFENSE  NATIONALE 


IK.WSI.AIIOX  FROM    IIIK  i  KKXCII 

Krcct  in  the  ti'iuch  iis  the  diiicn  hrcdks 

the  soldier  drednis  dJ  victory  iiiid  oj  his  preside. 

hi  order  thdt  he  nitiy  tittiii)!  the  one  diid  rei{din  the  other 

Subscribe 
to  the  Third  Loan  for  {hr  National    [  )('f('nse 


|11<)| 


THE  STOKYo/the  LIBERTY  LOANS 


attached  a  card  had  the  value  of  $4  if  used  in  the  purchase  of  a  War  Savings 
Stamp.  The  War  Savings  Stamp  was  what  is  technically  known  as  a  dis- 
counted security.  It  was  a  promise  of  the  Government  to  pay  to  the  holder 
$5  on  the  first  of  January,  1923.  In  as  much  as  it  was  to  pay  4  per  cent  interest, 
compounded  quarterly,  the  amount  of  the  interest  was  deducted  from  the  pur- 
chase price,  which  was  thus  set  at  from  $4.12  to  $4.23.  For  the  purpose  of  making 
the  handling  and  sale  of  these  Stamps  as  simple  as  possible,  it  was  provided 
that  the  cost  in  January,  1918,  would  be  $4.12,  and  that  it  would  increase  one 
cent  each  month  throughout  the  year,  and  that  at  the  close  of  the  year  that 
series  of  Stamps,  payable  in  1923,  would  no  longer  be  sold. 

Mr.  Vanderlip  personally  conducted  a  speaking  and  publicity  campaign 
throughout  the  entire  country  on  the  Goods  and  Service  doctrine,  urging  upon 
the  American  people  to  cut  down  in  every  way  possible  in  consumption  of  non- 
essentials, and  release  labor  for  necessary  war  purposes,  and  urging  upon  them 
the  purchase  of  the  Thrift  Stamps  and  Savings  Stamps  as  an  easy  method  of 
diverting  their  money  from  non-essential  uses. 

Local  committees  were  formed  in  all  the  states,  and  the  states  in  turn  were 
organized  by  counties  and  towns,  so  that  throughout  the  entire  country  there 
were  active,  energetic  committees  engaged  in  the  sale  of  these  small  securities. 
The  effort  was  to  make  them  accessible  to  everybody,  and  they  were  placed  on 
sale  in  stores,  theaters,  hotels,  and  were  very  often  sold  on  the  streets. 

In  the  middle  of  1918  the  war  expenses  became  so  heavy  and  the  demands 
on  the  Treasury  were  so  great  that  it  was  felt  necessary  to  devote  increased 
efforts  to  raising  money  for  the  Government  between  the  Liberty  Loan  cam- 
paigns, and  beginning  with  June,  1918,  an  intensive  campaign  was  started  to 
effect  large  sales  of  Stamps  for  the  direct  purpose  of  helping  to  finance  the 
Government.  With  this  primary  purpose  of  raising  large  amounts  of  money  the 
Goods  and  Service  doctrine  was  of  necessity  relegated  to  a  secondary  place  and 
the  War  Savings  Campaign  was  used  as  a  money-raising  means  to  fill  in  the 
gaps  between  the  Liberty  Loans  which  were  then  being  launched  every  three  or 
four  months.  By  means  of  these  intensive  drives  the  sale  of  War  Savings 
Stamps  and  Thrift  Stamps  netted  to  the  Treasury  Department  over  a  billion 
dollars.     New  series  of  Stamps,  maturing  in  1924,  were  issued  in  1919. 

A  Savings  Committee,  consisting  of  Mr.  Pierre  Jay,  Chairman  of  the 
Federal  Reserve  Bank  of  New  York  City;  Mr.  Arthur  H.  Ham,  Vice-President 
of  the  Provident  Loan  Society  and  the  leading  authority  in  the  country  on 
remedial  loans,  and  Mr.  E.  G.  Routzahn,  of  the  Russell  Sage  Foundation, 
was  formed  late  in  1918  to  supervise  the  Savings  Campaign.  Mr.  Vander- 
lip, and  Mr.  H.  E.  Benedict,  who  had  been  his  Executive  Secretary,  were 
called  back  to  New  York  to  resume  their  private  banking  connections,  and 
Mr.  Harold  Braddock  was  appointed  Savings  Director.  Later  he  was  suc- 
ceeded by  William  Mather  Lewis. 

The  conduct  of  the  campaign  in  the  field  was  taken  from  the  old  state 
organizations  and  placed  in  the  hands  of  the  Governors  for  the  twelve 
Federal  Reserve  Districts.  Each  Governor  appointed  a  Sa\ings  Director  who 
was  to  carry  on  the  campaign  within  his  District  under  the  supervision  of  the 


THE  STOKYofthe  LIBERTY  LOANS 


Washington  office.  The  Savings  Division  was  made  a  part  of  the  War  Loan 
Organization,  and  a  Government  Savings  Director  in  every  District  was  under 
the  direction  of  the  War  Loan  Director  of  the  District.  It  was  desirable  that 
all  of  the  security-selling  activities  of  the  Government  should  be  under  one 
head,  so  that  they  might  all  work  in  harmony. 

In  carrying  out  the  1919  campaign  the  Government  aimed  to  secure 
the  cooperation  of  large  and  representative  bodies  of  its  citizens  who  were 
already  organized. 

The  schools  of  the  country  were  enthusiastically  behind  the  Savings  move- 
ment from  the  start,  and  there  were  few  school-rooms  which  let  the  ending 
of  the  war  make  any  difference  in  their  systematic  savings  habits.  The 
National  Education  Association,  at  its  annual  convention,  put  itself  heartily 
on  record  as  favoring  the  Thrift  and  Savings  movement. 

The  women's  clubs  of  the  country  have  been  another  body  to  give  this 
movement  their  unqualified  and  enthusiastic  support.  Many  of  the  women's 
organizations  made  arrangements  for  studying  thrift,  particularly  thrift 
in  relation  to  home  matters,  at  the  regular  meetings  of  their  clubs,  as  well 
as  to  aid  in  the  sale  of  Savings  and  Thrift  Stamps. 

Another  group  which  gave  solid  backing  to  the  Thrift  and  Savings  Cam- 
paign was  organized  labor.  With  the  personal  indorsement  of  Samuel  Gom- 
pers  and  other  leaders  of  American  labor,  the  Thrift  Campaign  was  taken 
up  vigorously  by  labor  units  throughout  the  country.  At  the  June,  1919, 
convention  of  the  American  Federation  of  Labor  at  Atlantic  City,  a  resolution 
was  adopted  calling  upon  the  Government  to  make  permanent  the  sale  of  small 
denomination  Government  securities  as  an  economic  betterment. 

The  Savings  Division  also  had  the  hearty  support  and  cooperation  of  the 
Home  Demonstration  and  County  Agents  of  the  Department  of  Agriculture 
throughout  the  country.  They  introduced  the  study  of  thrift  and  saving 
among  their  organizations  and  aided  in  providing  for  the  sale  of  Government 
securities.  This  was  particularly  true  in  the  case  of  boy's  and  girl's  canning, 
corn,  and  pig  clubs,  and  other  similar  clubs,  where  they  not  only  taught 
the  value  of  thrift,  but  made  it  doubly  attractive  by  linking  it  with  the 
idea  of  saving  for  a  definite  purpose,  as  securing  education  in  an  agricultural 
college,  saving  to  buy  a  farm,  or  to  buy  thoroughbred  live  stock. 

In  many  other  ways  the  Saving  movement  appealed  to  various  organized 
groups,  as  lodges,  churches,  and  business  organizations  throughout  the  country. 
Many  of  the  largest  industrial  corporations  and  railroads  cooperated  to  the 
extent  of  enclosing  with  their  dividend  checks  a  statement  over  the  signa- 
ture of  Secretary  of  the  Treasury  Glass  urging  the  purchase  of  Savings 
Stamps  as  a  prime  investment  security. 


W^^- 


a 


TRANSLATION'  FROM  THK  FRENCH 

The  French  Republic 
Third  Loan  for  the  National  Defense 


FRENCH  POSTKR 
TRANSLATION  : 

The  Loan  for  Liberation 


1124] 


REPVBLIOyE 

3'EMPRVNTJ'au  DEFENSE 

NATX#^.qALE 


l'Emprunt  de  la  Libe:ration 


CAR  CARD  ADVERTISING 

IX  all  the  Liberty  Loan  campaigns  throui^h 
street  car  advertising  more  than  50,000,000 
persons  were  reached  every  24  hoiu-s 
in  the  4000  cities,  without  cost  to  the  govern- 
ment, largely  through  the  patriotic  co-opera- 
tion of  Mr.  Barron  G.  Collier,  of  New  York. 
He  gave  freely  of  space,  his  time  and  that  of 
his  organization,  and  induced  other  advertising 
organizations  to  contribute  space.  Mr. 
Walter  S.  Brooke,  head  of  Mr.  Collier's  .Art 
Department,  and  Mr.  Lester  J.  Cuddihy,  alsD 
aided  materially. 

On  the  page  opposite  arc  shown  in  great- 
ly reduced  size  but  in  original  colors  a  num- 
lier  of  the  car  cards  that  were  used.  .\ 
majorit\"  of  the  original  paintings  from  which 
these  cards  were  UKule  were  produced  in  the 
Art  r^epartment  of  Mr.  Collier's  Company. 


[126] 


.    YOU 

/K        buy  a 

^ibertxBond 

LLLdo  th0  rostl 


'  Where's  "Your; 

liberty  Bond 

BUTTON 


Your  Money  Mu/t  Win  the  War 


He /oirsi^/ to  a  FINISH 
5bti  /em/ to  the  FINISH 

VICTORY 

LIBERTY 

LOAN 


SURE 

well/ 
Finish 

the 
Job/ 


VICTORY 
LIBERTY 
LOAN 


[128] 


— "    JJ  2  — 


-fcj  'y  c 


HELP  OUR  TOWN 
Wll^  THIS  FLAG 


4'-^  UBIRTY  LOAN 

HONOR   ROLL     of  Subscribers 


Not  otIv  l.v  t..wn-   l.i.t  also  l,v  industrial  units  wen;  battles  for  Liberty  l.oan  honor  emblems  waged. 

T   us   iHs.  ..nbU-n,;  .lid  llteir  |x,t.nl  part  in  both  sntall  and  large  cities.    On  the  opposite  page  .s  shown 

the  honor  Hag  an.l  above  is  a  likeness  of  John  Howes  Burton   the  New  \  ork  merchant  who  concened 

the  honor  plan,  holding  an  industrial  pennant. 


[131] 


3'EMPRUNT 
i:£^  DEFENSE 
fiMIONALE 


TRANSLATION  FROM  THE  FRENCH 
Tliird  Loan  for  the  National  Defense 

Subscribe 

III  order  to  Hiisfen 

Fence 

by 
J^ictory 


1133] 


V:*iSS% 


THEY  KEPT  THE 

SEA  LANES 

OPEN 


INVEST     IN   THE 

VICTORY  LIBERTY  LOAN 


THE  FOUR'MINUTE  MEN 

AN  AUDIENCE  aggregating  400,000,000  persons  heard  patriotic  speeches 
/A  during  the  war  by  members  of  an  organization  of  most  potent  influence 
■^     ^for  sterHng  devotion  to  our  country — the  Four-Minute  Men. 

Conceived  by  a  group  of  young  business  men  at  a  meeting  in  Chicago  in 
March,  1917,  just  before  we  entered  the  war,  this  idea  of  having  volunteer 
speakers  address  audiences  for  four  minutes  at  a  time  soon  grew  until  it 
embraced  the  largest  speaking  body  ever  marshalled  together  since  the  be- 
ginning of  time. 

At  its  height,  this  organization  had  15,000  or  more  speakers  under  its 
control  who  spoke  almost  nightly  throughout  the  war  on  some  phase  of  the 
great  subject.  No  job  was  too  small  or  large  for  them.  When  the  help  of 
speakers  was  needed  in  any  direction  to  put  certain  phases  of  the  Government's 
needs  more  clearly  before  the  people,  a  summons  was  all  that  was  required  to 
swing  the  mighty  organization  into  the  heat  of  battle.  Liberty  Loan,  Red 
Cross — a  hundred  and  one  worthy  war-time  causes  were  helped  immeasurably 
by  this  indefatigable  civilian  platform  army. 

Its  voice  was  heard  around  the  world.  In  churches,  theaters,  halls,  army 
camps,  on  street  corners — in  fact,  any  place  where  the  lifting  of  a  voice  might 
help  the  war,  there  the  voice  of  a  Four-Minute  Man  was  raised.  How  well  these 
speakers  did  their  work  you  know  best,  for,  it  is  safe  to  assert,  there  is  not  today 
a  man  or  woman  in  the  United  States  who  did  not  hear  at  some  time  during 
the  war  the  plea  of  at  least  one  Four-Minute  Man. 

When  war  seemed  inevitable  a  small  group  of  men,  headed  by  Donald  M. 
Ryerson,  following  a  suggestion  by  Senator  Medill  McCormick,  acted  on  the 
idea  of  forming  a  patriotic  committee  for  the  purpose  of  sending  speakers  into 
the  motion-picture  theaters  of  Chicago  to  lay  before  the  people  the  urgent 
reasons  for  military  service  requirements  as  proposed,  at  the  time,  in  the 
Chamberlain  bill  to  provide  for  military  training  of  men  of  nineteen  or  twenty. 

Young  men  were  selected  as  speakers  because  the  first  calls  to  the  national 
defense  would  naturally  fall  upon  them,  and  it  was  thought  that  they  were  the 
proper  ones  to  send  out  to  speak  in  favor  of  such  service.  The  President 
of  the  original  organization  was  Mr.  Ryerson.  The  title  of  Four-Minute  Men 
was  giving  with  dual  reference  to  the  "Minute  Men"  of  the  Revolutionary 
war  and  to  the  time  limit  necessarily  imposed  upon  speakers  who  were  to 
appear  during  brief  intermissions  in  the  established  program.  This  organization 
was  incorporated  under  a  state  charter  as  the  Four-Minute  Men  of  Illinois, 
on  April  28,  1917.  Other  members  were  Stephen  Gardner,  Treasurer;  George 
R.  Jones,  Secretary;  Arthur  S.  Gable,  Waldo  P.  Warren,  and  Keith  J.  Evans, 
Assistant  Secretaries. 

These  men  and  other  volunteers  made  arrangements  with  the  local 
theaters  to  speak  for  a  period  of  four  minutes  in  the  intermission  between 
films.     They  were  introduced  by  slides  giving  the  name  of  the  individual  who 

135 


KULTUR 


'3^1 


[i40] 


lull 


% 


,w 


^/ 


^la  ^P  ** 


loUC^ 


S 


^        H'AR  FUMD  WEW 

^'^^WundredMillionlXA^ 


-"^■^y^mC" 


7^.GreatestMother 
in  tRe  World 

Red  Cross  Christmas  Roll  Call  Dec.16'23  - 


Hx!-S 


o -o  o 


^Jh- 


s  e  c 

2"?  o 


S  £!^ 


o'S--E 


o    . 


1441 


ai2  s 


I  5-5 

Ml      - 


■Vvjt'T 

^-■^ 

.J 

•^.■. 

< 

^   bfl  >-  — 

. '' 

H 

^a'ii 

Q 
Z 

2H<m 

^  >^  be  >, 

**v~.' 

< 

K'*^^ 

Q 

■t^^lM 

Z 

«^  ^- 

^^^3 

0 

rt  i/i  3  be 

199 

m 

U:  c  c  c 

^K 

^•pi 

L-^^S^ 

oi 

?;>sti  g 

'JSBS 

UJ 

i<S.-- 

cc 

-=    CJ   w 

•  V^^BJ 

•-; 

3 -5  ^ 

0             4-1 

L^^B 

—  —    C3 

—  >. « 

bf  C3    c 

.=  'n  M 

1-  rt  p 

=  >  E 
="■"0 

0  o 

1  P 


'451 


MY  SOLDIER 


to  sle 
ItoL 
Gocl  bless  my  brothei-  gone  t 
Across  the  seas,  in  France,  so 
Oti  may  his  fight  for  Liber 
|e  millions  more  tlian  little 
11  cruel  fates  or  ruthless  blast,— •  -i 
bring  liim  safely  home  at  last. 


^^|1 

BUY  UNITED  STATES  GOVERNMENT  BONDS 

JJill^LIBEpTY  LOA^ 


/ 


A  S'l'IKKlNC,  .\I'I'1:AI. 

What  isa  Libcrlv  Bond?     Why  is  il  offm-<l?     Wh  U  is  i,s  v..U,.  and  why  ^')'-''''V:J" ';r!";;';!,^i,s'iS 

American  of  uvefy  creed  and  color?     These  (luest.ons  were  perhaps  at  no  time  during  the  campaigns  bet 

ter  answered  tha^  by- Jacob  H,  Schiff,  the  great  Jewish  philanthropist,  during  this  ad.lress  before  a  vast 

crowd  in  front  of  the  New  N  ork  sub-treasury. 


147 


UP  CIVILIANS ! 


ENGLAND  EXPECTS  — 


^\ 

i 

jKr 

cHIb    /     '^1 

BQ^ifl 

'.'Hr¥«;v 

Send  your  money  into  the  Fight 

BUY  NATIONAL 

WAR  BONDS 

OR 

WAR  SAVINGS 
CERTIFICATES. 


BUY 

National  War  Bonds 

War  Savings  Certificates 

NOW. 


FOR  YOUR  CHILDREN 


BUY  WAR  SAVINGS  CERTIFICATES 

sjid  they  will  live   to  tha^nk  you 


m  '  I  WANT 


YWmW  FOd  ANY  ONE  ENUSTTO 

APPLY  AW  RECRUITIWG  STATION 
OR  POSTNIA^TER 


3;    s  "  J! 


ai    «  o  S 
U    E  >,  S 

cu'    g  2•- 


£^  c  -5 


I  150! 


UNiTED   6TAT&& 
FUEL  ADMINI&TaATIOH 


THE  STORY  of  the  LIBERTY  LOANS 


"will  speak  for  four  minutes  on  a  subject  of  national  importance — indorsed  by 
Dr.  Frank  Gunsaulus,  Bishop  Samuel  Fallows,  Miss  Harriett  \'ittum,  Mrs. 
Joseph  P.  Bowen,  Otto  C.  Butz,  Charles  A.  Comiskey  and  J.  Ogden  Armour." 

The  first  four-minute  speech  was  made  by  Mr.  Ryerson  himself  at  the 
Grand  Theatre,  Chicago,  April  1  or  2,  1917. 

With  governmental  sanction,  Washington  headquarters  were  opened  with 
Mr.  Ryerson  in  charge.  Largely  due  to  the  efforts  of  William  A.  Brady, 
entrance  for  speakers  to  motion-picture  theaters  generally  was  obtained. 

Early  in  June  Mr.  Ryerson,  who  had  previously  received  a  commission 
from  the  United  States  Navy  and  had  secured  two  months'  furlough  in  order  to 
establish  the  organization,  resigned  from  the  Four-Minute  Men  in  order  to 
enter  the  training  school  in  Annapolis.  William  McCormick  Blair  of  Chicago 
became  national  director,  June  16,  1917. 

By  the  end  of  June,  1917,  the  organization  included  5,405  local  branches, 
while  the  work  was  also  organized  in  42  lodges,  making  a  total  of  5,447  centers 
of  activity. 

Early  in  August  the  scope  of  the  work  was  extended  to  reach  other  audiences. 
A  church  department  of  the  Four-Minute  Men  was  organized  in  many  of  the 
local  branches  to  present  four-minute  speeches  in  synagogues  and  Sunday 
Schools.  National  arrangements  had  already  been  made  to  have  the  speakers 
appear  at  the  meetings  of  lodges,  fraternal  organizations  and  labor  unions. 
Four-minute  messages  based  upon  the  official  bulletins  were  given  also  at  all 
meetings  of  the  granges  in  many  states.  The  work  was  next  extended  to  reach 
the  lumber  camps,  some  500  organizations  being  formed  in  such  communities. 
Even  Indian  reservations  were  included.  Women's  divisions  were  organ- 
ized to  bring  the  messages  of  the  Government  to  audiences  at  matinee  per- 
formances in  the  motion-picture  theaters,  and  to  members  of  women's  clubs 
and  other  similiar  organizations.  A  junior  Four-Minute  IMen  organization 
for  boys  and  girls,  also  was  created. 

In  September,  college  Four-Minute  Men  were  organized,  under  instructors 
acting  as  chairmen,  to  study  the  regular  Four-Minute  Men  bulletins  and 
practice  speaking  upon  the  subjects  thereof,  each  student  being  required  to 
deliver  at  least  one  four-minute  speech  to  the  student  body  during  the  semester, 
in  order  to  qualify  as  a  Four-NIinute  Alan.  By  the  end  of  1918  there  were 
217  colleges  represented. 

The  work  of  the  organization  extended  as  far  as  the  Philippine  Islands, 
Canal  Zone,  Hawaii  and  the  Island  of  Guam. 

The  total  number  of  reported  speeches  given  was  755,190  to  a  total  audience 
of  314,454,514.  A  reasonable  allowance  for  the  considerable  number  of 
communities  from  which  incomplete  or  no  reports  are  received  justifies  a 
final  estimate  of  a  million  speeches  heard  by  audiences  aggregating  400,000,000 
individuals  during  the  eighteen  months'  life  of  the  organization. 


WAR  COSTS  TO  BELLIGERENTS 

EXCLUSIVE  of  losses  in  property  and  material,  which  never  can  be 
exactly  computed,  the  great  war  cost  the  world  in  money  or  its  equivalent 
approximately  $200,000,000,000.  This  is  only  $50,000,000,000  less  than 
the  estimated  wealth  of  the  United  States,  or  $14,000,000,000  more  than  the  total 
property  value  of  all  North  America.  The  correctness  of  the  foregoing  figures 
may  be  estimated  from  the  fact  that  estimates  of  the  cost  of  the  war  made  by 
Secretary  of  War  Baker  and  Congressman  Cordell  Hull  of  the  Ways  and  Means 
Committee  varied  only  $3,000,000,000,  Secretary  of  War  Baker's  estimates  being 
$197,000,000,000  and  Congressman  Hull's  $200,000,000,000,  with  the  post-war 
cost  still  mounting  and  logically  likely  to  exceed  the  estimates  made  by 
either  of  them. 

Deaths  from  wounds  in  battle  numbered  7,300,000,  according  to  Secretary 
Baker,  and  total  deaths  in  all  the  armies  reached  approximately  9,000,000. 

So  far  as  the  United  States  itself  is  concerned  the  total  cost  of  the  war  to 
this  country,  from  April  6,  1917,  to  June  30,  1919,  was  $30,177,000,000, 
based  on  total  expenditures  of  $32,427,000,000,  of  which  amount  $2,250,000,- 
000  were  normal  expenditures.  Included  in  these  totals  are  loans  of  over 
$9,000,000,000  to  the  Allies. 

In  a  summary  of  war  costs  made  by  Representative  Hull,  in  the  spring  of 
1919,  it  appeared  that  the  war  cost  of  the  Allies  from  August  1,  1914,  to  March 
18,  1919,  compared  with  those  of  the  United  States  from  the  date  of  its 
entrance  into  the  war,  show  that  the  expenditure  of  the  United  States  for  the 
war  was  three-fourths  the  size  of  England's  total  war  expenditure  of  $40,640,- 
000,000;  one-fourth  larger  that  the  debt  of  France,  approximately  $23,400,- 
000,000;  twice  as  large,  almost,  as  the  debt  of  Italy,  $16,000,000,000,  and 
fifteen  times  the  war  debt  of  Canada,  $2,000,000,000. 

In  comparison  with  the  cost  estimated  at  the  close  of  the  Civil  War,  $2,713,- 
568,000,  the  war  just  ended  cost  the  United  States  eleven  times  as  much. 
In  comparison  with  an  estimate  for  the  full  Civil  War  period,  fixed  in  1879  at 
$6,190,000,000,  the  war  just  closed  cost  almost  four  times  more. 

The  interest  items  on  the  whole  indemnity  to  the  Allies  will  amount  to 
$10,000,000,000  a  year. 

To  the  French  debt  of  $23,400,000,000  must  be  added  $13,000,000,000 
physical  losses  as  estimated  by  the  French  High  Commission  and  $8,000,000,000 
for  pensions,  making  a  total  cost  to  France  in  money  or  its  equivalent  of  $44,- 
400,000,000. 

The  enormous  multiplication  of  expenditures  brought  about  by  the  war  is 
graphically  shown  by  the  fact  that  the  aggregate  of  expenditures  annually  for 
the  countries  engaged  in  the  war  jumped  from  $10,000,000,000  in  1914  to 
$70,000,000,000  in  1918,  and  of  the  latter  figures  the  United  States  in  1918 
expended  $19,000,000,000— more  than  one-fourth. 

Before  the  war,  the  national  debt  of  the  leading  belligerent  states  was 
something  less  than  $26,000,000,000.  At  the  close  of  the  war  it  was  approxi- 
mately $170,000,000,000. 


i^ 


<-1 


Food  is 
Ammunition- 

Dont  waste  it 

IJvntD  States  Fooo  Admini^tr/^tion 


is" 


^        9—  h 

-b  "CO 


[156] 


—     i  o  ' 


u  >.^ 


157] 


,■^- 


S  E"^ 

O  y,  ^ 

i«  £  ° 

1      s| 

-i  E  ,- 

I "=  -^  n 


1591 


TOGETHER  WE  WIN 

UNITED  SmU  SHIPPING  BOARD  EZI3 EMERGENCY  FLEET  CORPORATION 


AND  THEY 
THOUGHT  WE 
COOLON'T 

FtGHT 


THK  ForkTH'S  FIRST   1111)  PP:R  CKNT 

The  first  business  organization  to  reach  100'  j,  subscription  of  its  employees  in  the  Fourth  Liberty  Loan 
Campaign,  was  the  William  S.  Hart  Productions,  Inc.,  of  Los  Angeles.     Before  the  first  hour  of  the  cam- 
paign had  passed,  every  employee  had  purchased  at  least  one  bond.     Hart,  sans  his  usual  makeup,  is 
selling  a  bond  to  a  movie  cow  puncher. 


1621 


HELP  OUR  DISTRICT 
WIN  THIS  FLAG 


VICTORY 
LOAN 


1918 


AWARDED     BY 

HIS  EXCELLENCY  THEGOVER^ORGENERALof  CANADA 
TODISTRiaS  EXCEEDING  THEIR  QUOTA 


Save  your  Child 

FROM     AUTOCR.A.CY 
AMD      P  O  V.X^R  T   Y 


War  S^tvings 
Stamps  |l&j 

^N.TEO  STATE*. T>»e**U«Y  BSf>*«'?M«fIM <^ 


ONE  OF  THE 
THOUSAND 
YA\.C.A.GIRLS 
IN  FRANCE 


United 

War  Work 

Campaign 

Nov.ll'Hol8'^ 


©Underwood  &  Underwood 

THE  END  OF  A  PERFECT  DAY 

Who  sold  the  most  bonds?     None  can  say.     Mr.   Charles   M.   Schwab  at   his  famous  dinner  sold  many 

thousands  to  the  minute.     Frederick  J.    Haskin,  in  his  ma tch-the- President  idea  sold  millions,  while 

Douglas  Fairbanks  sold  in  one  day  five  millions,  and  these  are  but  a  few  instances.     .Anyway  Doug 

has   had   a   good  dav  and  shows  it. 


[164] 


LOOKS  AS  riior(,ii  he  did 


"I  won't  come  back,"  said  N'incent  Aster  upon  entering  the  service,  "until  I  get  a  l'  boat."    When  this 

captured  U  boat  arrived  to  take  part  in  the  \ictory  l^oan,  Lieutenant  Astor  was  aboard.     Whether  he 

"got"  his  L'  boat  or  not  it  is  impossible  to  say.     However,  if  he  made  as  good  a  sailor  as  he  did  soUlier 

in  the  Liberty  Loan  .Xriny,  it  would  look  that  way. 


165] 


Mn-hipi 


ANOTHER  SHIP 
ANOTHER  VICTORY 

UNITED   STATES   SHIPPING   BOAFlD    M     EMERGENCY    FLEET   CORPORATION 


BOY  SCOUTS  OF  AMERICA 

UNDER  the  leadership  of  President  CoUn  H.  Livingston,  Chief  Scout 
Executive  James  E.  West,  and  the  executive  board  of  the  organization, 
the  Boy  Scouts  of  America    served    vahantly  throughout  all  of  the 
Liberty  Loan  and  War  Savings  campaigns. 

In  the  first  campaign,  their  participation  was  inaugurated  by  President 
Wilson  and  Secretary  McAdoo  in  letters  inviting  the  organization  to  assist 
in  the  sale  of  Liberty  Bonds.  The  results  were  so  gratifying  that  in  the  suc- 
ceeding campaigns,  similiar  invitations  were  received  by  the  Scouts  from  the 
President  and  from  the  Secretary  of  the  Treasury.  These  official  appeals 
unfailingly  met  with  magnificent,  purposeful  and  enthusiastic  response. 

In  each  campaign,  awards  of  medals  of  honor,  and  suitable  bars,  similar 
to  service  bars  used  in  the  United  States  Army,  were  awarded  by  the  Treasury 
Department  to  Boy  Scouts  for  Liberty  Loan  service.  In  each  of  the  first 
three  Liberty  Loan  campaigns,  in  order  to  be  eligible  for  an  award,  a  Scout 
had  to  report  ten  or  more  subscriptions. 

In  the  First  Liberty  Loan  the  Boy  Scouts  reported  139,660  subscriptions 
aggregating  $23,239,000.  In  the  Second  Liberty  Loan  the  Scouts  reported 
533,843  subscriptions  totaling  $102,085,850.  In  the  Third  Liberty  Loan  the 
Scouts  reported  670,291  subscriptions  aggregating  $81,604,650,  or  a  total  of 
$206,929,500  in  bond  sales  for  the  first  three  Liberty  Loans. 

Incomplete  returns  for  the  Fourth  Liberty  Loan  show  that  the  Scouts  had 
secured  513,112  subscriptions  totaling  $69,965,950  with  approximately  one- 
quarter  of  the  fields  still  to  be  heard  from.  Inclusion  of  this  amount  in  the 
aggregate  for  the  first  three  drives  made  the  final  available  figures  for  the 
first  four  Liberty  Loan  campaigns  1,856,906  subscriptions  totaling  $276,895,- 
450.  ,       .  . 

Exact  figures  for  the  Victory  Liberty  Loan  are  not  available  at  the  tune  of 
publication  of  this  book,  but  a  glance  at  the  foregoing  figures  will  indicate  the 
conservation  of  an  estimate  that  the  total  record  for  the  Boy  Scouts  for  the 
five  Liberty  Loans  will  be  well  in  excess  of  2,000,000  subscriptions  aggregating 
a  figure  well  over  the  $300,000,000  mark. 

In  the  Fourth  Liberty  Loan  campaign  and  in  the  Victory  Liberty  Loan 
campaign  the  Scouts  worked  under  two  plans.  Plan  Number  One  was  known  as 
the  "Gleaners  After  the  Reapers"  plan,  meaning  that  the  Scouts  were  free  to 
solicit  subscriptions  during  the  last  seven  days  of  the  campaign.  Ten  or  more 
subscriptions  had  to  be  secured  to  qualif>'  for  an  award.  Plan  Number  Two, 
used  in  some  communities,  covered  the  entire  campaign  period.  Under  plan 
Number  Two  it  was  necessary  for  a  Scout  to  report  twenty-five  subscriptions  in 
order  to  receive  recognition.  The  choice  of  plan  depended  upon  the  wishes  of 
the  local  Liberty  Loan  committee,  each  troop  of  Scouts  acting  under  instruc- 
tions to  follow  the  wishes  of  the  Liberty  Loan  Committee,  in  order  to  avoid 
confliction  or  embarrassment. 


THE  STORY  of  the  LIBERTY  LOANS 


In  the  War  Savings  Stamp  campaigns  the  Scouts  cooperated  as  efficientlyas 
in  the  Liberty  Loan  campaigns.  Special  red  post-cards  were  prepared  by  the 
Treasury  Department  for  distribution  by  the  Scouts.  These  cards  were  order 
blanks  for  War  Savings  Stamps.  By  the  spring  of  1919  the  Scouts  reported 
2,179,235  red  post-card  orders  for  War  Savings  Stamps  on  file  averaging 
$19.65  per  order,  and  totaling  $42,725,467.75. 

Under  the  direction  of  Chief  Scout  Executive  West,  an  exact  record  was 
kept  in  the  headciuarters  of  the  Boy  Scouts  in  the  Fifth  Avenue  Building, 
New  York,  v.here  an  office  staff  of  three  hundred  people  governing  376,000 
Scouts  is  operated  with  the  precision  of  clockwork. 

Sales  of  bonds  and  War  Savings  Stamps  constitute  the  specific  record  of 
Boy  Scout  achievem.ents  in  connection  with  the  epoch-making  War  Loans,  but 
in  addition  to  the  actual  solicitation  of  subscriptions,  the  Scouts  gave  the  War 
Loan  Organization  an  enormous  service  by  cooperating  with  the  Liberty  Loan 
committees  throughout  the  United  States  in  the  following  activities:  Dis- 
tributing literature,  posting;  taking  part  in  Victory  Loan  parades,  in  Scout 
bands  and  Scout  floats;  serving  as  messengers,  ushers  at  public  patriotic 
meetings,  etc.;  making  Victory  Loan  speeches  at  theaters,  schools  and  other 
public  places;  giving  Scout  demonstrations,  playing  bugles,  etc.,  at  Victory 
Loan  booths  to  attract  the  attention  of  the  public;  making  house-to-house 
canvasses  with  V^ictory  Loan  placards;  helping  banks  as  messengers  or  clerks 
in  connection  with  the  Loan;  spreading  Liberty  Loan  propaganda;  circulating 
Liberty  Loan  slogans;  establishing  Liberty  Loan  booths  and  tents  in  prominent 
places;  scouring  rural  districts  for  possible  bond  buyers;  serving  in  any  capacity 
in  which  the  Scout  uniform  and  what  it  stands  for  would  be  impressive  to  the 
occasion;  making  themselves  generally  useful. 

Extreme  care  was  taken  by  the  Boy  Scout  Organization  to  make  each  Boy 
Scout  sale  a  real  sale  resulting  from  the  Boy  Scout's  personal  efforts.  For 
example,  there  was  a  provision  in  the  Boy  Scout  Manual  issued  by  the  Treasury 
Department,  providing  that  a  Scout  selling  bonds  to  a  corporation  could  not 
qualify  for  an  emblem  under  Plan  One,  unless  he  appeared  personally  before 
the  Board  of  Directors  of  the  corporation,  and  this  board  certified  that  the 
Scout's  arguments  were  responsible  for  the  purchase. 

Without  counting  the  Victory  Liberty  Loan  or  the  more  recent  sales  of 
War  Savings  Stamps,  the  combined  results  for  Liberty  Loan  and  War  Savings 
campaigns  for  which  exact  figures  are  available  show  a  total  of  4,036,141  sales 
aggregating  $319,620,917.75  to  the  credit  of  Organized  Boyhood  as  exemplified 
by  the  Boy  Scouts  of  America  in  helping  to  win  the  Great  War. 


FOURYEARS  IN  THE  FIGHT 


■=^  The  Women  of  France 
We  Owe  Them  Houses  of  Cheer 


UNITED  WAR  WORK  CAMPAIGN 


^  .-t; 


170] 


JJl] 


U N ITED  WAR  WORK  C'AMPAI 


WEALTH  OF  THE  UNITED  STATES 

THE  United  States  is  the  richest  nation  in  the  world.  A  resume  of  our 
national  resources  is  calculated  to  make  us  proud  of  our  national  achieve- 
ments and  confident  of  the  future,  particularly  as  it  relates  to  the  Govern- 
ment's ability  to  pay  its  obligations  to  bond  holders. 

Including  its  outlying  possessions  and  surfaces  of  inland  waterways 
and  lakes,  the  areas  of  the  United  States  cover  3,743,306  square  miles.  The 
known  area  of  the  world  is  estimated  to  be  57,255,000  square  miles.  Therefore, 
in  area,  the  United  States  represents  only  6.4  per  cent  of  the  area  of  the  world. 

Nearly  30  per  cent  of  the  wealth  of  the  entire  world  is  in  the  United  States. 
This  country  produces  more  than  50  per  cent  of  the  corn  supply  of  the  world. 
It  produces  25  per  cent  of  the  wheat  crop  of  the  world.  It  produces  66.1  per 
cent  of  the  world's  cotton  crop.  It  possesses  51.9  per  cent  of  the  world's 
coal,  39.9  per  cent  of  the  world's  petroleum,  55  per  cent  of  the  world's  copper, 
and  20  per  cent  of  the  world's  iron.  We  possess  37.1  per  cent  of  the  world's 
railways,  and  produce  30  per  cent  of  the  world's  manufactures. 

Immediately  following  the  war,  the  wealth  of  the  country  was  estimated 
at  $250,000,000,000.  In  comparison,  the  wealth  of  the  United  Kingdom  was 
estimated  at  $93,000,000,000;  France  $67,000,000,000;  Germany  $80,400,000,- 
000;  Italy  $29,480,000,000;  Japan  $25,460,000,000;  Russia  $60,300,000,000; 
Austria-Hungary  $55,000,000,000. 

Approximately  30  per  cent  of  the  world's  manufactures,  it  is  estimated, 
are  produced  in  the  United  States.  In  1914,  when  the  last  census  of  manufac- 
tures was  taken  in  this  country,  the  value  of  the  manufactured  products  that 
year  was  given  as  $24,246,000,000. 

During  the  years  of  the  war,  the  United  States  was  called  upon  to  feed  and 
clothe  a  large  part  of  the  world  and  it  responded  with  the  production  of 
food  stufTs  that  was  enormous. 

The  office  of  the  Comptroller  of  the  Currency  places  the  total  resources 
of  the  banks  of  the  United  States  at  $40,726,438,514.47,  in  its  most  recently 
available  report. 

The  Comptroller's  report  shows  that  the  estimated  banking  power  of  the 
United  States,  since  June,  1914,  has  increased  from  $24,340,000,000  to  $39,082,- 
800,000,  a  gain  of  $14,742,800,000,  or  more  than  60  per  cent,  in  the  four-year 
period. 

The  preceding  four-year  period  from  June,  1910,  to  June,  1914,  shows  a  gain 
of  only  15.63  per  cent,  or  from  $21,049,000,000  to  $24,340,000,000. 

The  stupendous  share  of  the  United  States  in  the  world's  wealth  consti- 
tutes a  satisfying  reason  why  the  United  States  is  the  most  favored  country 
in  the  world  in  which  to  live,  and  why  Uncle  Sam,  when  considered  in  his  rela- 
tion to  the  other  countries  of  the  world,  is  so  frequently  referred  to  as  "The 
Rich  Uncle. "  He  will  have  paid  his  war  debts  while  many  other  belligerents 
still  are  struggling  with  their  interest  charges. 


THE  LIBERTY  BOND  ITSELF 

THE  engraving  and  printing  of  the  Liberty  and  Victory  Loan  bonds  by 
the  Government  Bureau  of  Engraving  and  Printing  was  the  most  stupen- 
dous task  of  its  kind  ever  accompHshed  in  the  history  of  the  world. 

More  than  100.000,000  bonds,  or  an  average  of  one  for  every  man, 
woman  and  child  in  the  United  States,  were  turned  out  by  the  Bureau  from 
shortly  before  the  opening  of  the  First  Libert}'  Loan  in  1917  to  the  close  of  the 
Victory  Liberty  Loan  in  the  spring  of  1919. 

For  the  first  issue  6,060,500  bonds  were  printed;  for  the  second,  17,363,000; 
for  the  third,  in  excess  of  25,000,000;  for  the  fourth,  38,427,000,  and  the  printing 
on  the  Victory  Liberty  Loan  brought  the  total  to  more  than  100,000,000. 
Of  course,  many  persons  bought  more  than  one  bond,  so  this  number  must 
not  be  confused  v/ith  the  total  number  of  subscribers. 

Each  of  the  bonds  was  from  9  to  9  H  inches  long,  according  to  the  issue, 
and  if  they  were  formed  into  a  great  Liberty  chain  they  would  reach  half 
way  around  the  world. 

Much  of  the  credit  for  the  success  of  the  prompt  issuance  of  the  Liberty 
Bonds  is  due  to  James  L.  Wilmeth,  Director  of  the  Bureau.  During  the  First 
and  Second  Liberty  Loan  campaigns,  due  to  the  Bureau's  unfamiliarity  with 
the  tremendous  assignments  they  had,  there  was  delay  in  delivery.  Many 
persons  did  not  receive  their  bonds  for  weeks  or  months  after  they  bought  them. 
Shortly  prior  to  the  opening  of  the  Third  Liberty  Loan,  however,  Mr.  Wilmeth 
took  charge  of  the  Bureau  and  immediately  installed  new  methods  which 
made  possible  delivery  of  bonds  coincident  with  sales. 

From  the  time  the  paper  from  which  bonds  were  made  was  manufactured  in 
New  England  until  the  finished  bonds  were  turned  in  to  the  Treasury,  a  care- 
ful check  was  kept  on  every  sheet  of  it.  After  the  bonds  were  printed,  each 
individual  bond  was  examined  for  any  possible  tiny  flaw  which  might  have 
escaped  notice  on  previous  occasions.  When  this  was  done,  the  bonds 
were  packed  in  stacks  of  1,000,  numbered  consecutively  and  delivery  made 
to  the  Treasury  vaults. 

The  name  of  the  former  Register,  Houston  B.  Teehee,  appears  on  every 
Liberty  Bond  and  Victory  note,  and  thereby  hangs  a  tale.  There  never  was 
a  more  interesting  man  in  the  government  service  than  Mr.  Teehee.  He  is 
an  Indian,  his  father  having  been  seven-eighths  Cherokee  and  his  mother  one- 
half  Cherokee.  Until  1910  he  was  a  ward  of  the  Government,  despite  the  fact 
that  he  had  held  municipal  and  state  office.  He  was  made  a  citizen  with 
full  rights  that  year,  however,  by  the  Secretary  of  the  Interior.  Mr.  Teehee, 
whose  correct  name,  by  the  way,  is  "Di-hi-hi,"  was  successively  a  farm  hand, 
clerk,  merchant,  alderman  and  mayor  of  Tahlequah,  Okla.,  state  legislator, 
county  attorney.  United  States  Probate  Attorney,  and  Register.  He  inherited 
his  name  of  "Teehee"  from  his  father,  who  had  been  so  christened  by 
his  Union  Army  comrades  in  the  Civil  War,  who  found  difficulty  in  pronounc- 
ing "Di-hi-hi." 


PUBLICITY  CAMPAIGNS 

PUBLICITY  in  all  of  its  phases  reached  its  zenith  in  the  Government's 
various  financial  campaigns.  And,  of  greater  interest  to  the  taxpayer,  it 
reached  this  great  height  at  a  minimum  of  cost. 
Talent  such  as  never  before  had  been  assembled  in  any  advertising  campaign 
was  drawn  together  from  the  far  corners  of  the  earth  to  make  these  results 
possible,  and  the  work  of  this  talent  echoed  and  reechoed  from  pole  to  pole 
until  today  virtually  no  part  of  the  civilized  world  is  not  cognizant  of  the 
wonders  it  wrought. 

It  has  been  said  that  publicity  made  the  public  eye  see,  its  ear  hear  and 
its  mind  know  the  war.  There  is  much  truth  in  the  statement.  And  when, 
through  publicity,  the  fine,  unselfish,  patriotic  spirit  of  America  had  been 
aroused,  the  seed  of  determination  to  win  the  war  planted  and  started  growing, 
the  sales  force  stepped  in  and  with  master  hands,  guided  by  the  greatest 
business  minds  of  the  country,  reaped  an  unparalleled  harvest  of  golden  coin. 
The  success  of  the  publicity  was  due  in  great  part  to  the  splendid  spirit 
of  co-operation  which  permeated  the  entire  publicity  organization.  The  di- 
rector of  each  of  the  twelve  districts  worked  enthusiastically  and  harmoniously 
with  the  national  headquarters  and  with  one  another.  Whenever  a  good 
idea  was  developed,  whether  in  Washington  or  elsewhere,  it  was  flashed  across 
the  country  for  the  benefit  of  all. 

Some  of  the  spectacles  which  accompanied  the  great  Liberty  Loan  cam- 
paigns in  the  larger  cities  were  both  gorgeous  and  inspiring. 

Notable  among  these  display's  was  the  "Avenue  of  the  Allies"  in  New  York 
City  during  the  Fourth  Liberty  Loan,  and  the  "Victory  Ways"  in  New  York, 
Chicago,  Boston  and  Philadelphia  during  the  V'ictory  Loan  campaign. 

In  all  of  the  great  spectacular  demonstrations  in  behalf  of  the  loans, 
captured  German  war  materiel  played  an  important  part.  Shipload  after 
shipload  of  German  guns  were  imported  as  rapidly  as  the  valorous  American 
soldier  captured  them  and  during  the  last  two  loan  campaigns  special  trains, 
all  heavily  loaded  with  captured  war  materiel  and  samples  of  American 
materiel  of  warfare  were  operated,  so  that  the  war  s]:)irit  was  carried  to  the 
most  remote  sections  of  the  country.  Each  of  these  W'ar  Exhibit  Trains  con- 
sisted of  about  four  flat  cars  loaded  down  with  war  exhibits  and  a  Pullman 
car  filled  with  Liberty  Loan  orators.  Soldiers  in  uniform,  representing  all  of 
the  principal  Allies,  accompanied  the  trains,  and  the  total  mileage  covered  by 
these  trains  in  the  Fourth  Loan  approached  100,000. 

It  is  estimated  that  more  than  8,000,000  people  attended  the  rallies  and  in- 
spected the  war  exhibits.  Most  of  these  were  rural  residents,  who  had  been 
hard  to  reach  with  the  enthusiasm  of  the  war.  Each  train  made  four  stops  a 
day  in  villages,  and  in  many  cases  the  size  of  the  crowds  attending  these  rallies 
approximated  ten  times  the  population  of  the  village.  Automobiles  drove 
forty  and  fifty  miles  to  attend  these  exhibitions. 

Other  national  i)ublicitA'  features,  many  of  which  originated  with  Frank 
R.   Wilson,   the  director  of  publicity,  included  these:     Sending  of  a  "flying 

175 


THE  STORY  of  the  LIBERTY  LOANS 


circus"  of  about  sixty  aeroplanes  to  over  eighty  cities  to  exhibitions  of  dar- 
ing flying.  The  awarding  of  85,000  German  helmets  to  Liberty  Bond  sales- 
men and  saleswomen  for  good  selling  records.  Casting,  from  captured  Ger- 
man cannon,  of  several  hundred  thousand  medals  which  were  awarded  to  Lib- 
erty Loan  workers.  Bringing  of  a  contingent  of  the  French  "Blue  Devils," 
the  French  Foreign  Legion,  a  Belgian  detachment  with  dog  teams,  Italian  Al- 
pini  and  Bersaglieri  and  other  military  representatives  of  allied  countries  to 
the  United  States  for  exhibition  purposes.  Awarding  of  captured  German 
cannon  to  cities  making  the  best  records  in  Victory  Liberty  Loan  campaign. 
Bringing  of  captured  German  submarines  to  this  country.  Obtaining  of 
foreign  and  domestic  tanks  to  tour  the  country.  Giving  of  band  concerts  by 
Sousa's  Great  Lakes  Naval  Training  Station  and  foreign  bands.  Allowing 
300  cities  winning  special  honors  in  loan  campaigns  to  name  and  sponsor  300 
hulls  built  by  the  United  States  Emergency  Fleet  Corporation.  Delivering 
on  set  dates  Liberty  Loan  sermons  by  140,000  preachers. 

The  motion-picture  activities  of  the  Government  during  the  campaigns 
will  always  remain  one  of  the  original  and  unique  advertising  campaigns 
of  histor}^  Early  in  the  war,  even  before  the  Committee  on  Public  Lifor- 
mation  had  been  organized,  a  committee  of  the  motion-picture  men  was  ap- 
pointed to  conduct  relations  with  the  Treasury  Department.  It  consisted 
of  Adolph  Zukor,  Chairman;  Marcus  Loew,  Walter  W.  Irwin,  J.  E.  Brula- 
tour  and  George  K.  Spoor. 

General  policies  of  Treasury  Department  cooperation  were  outlined  by 
this  general  committee.  The  great  bulk  of  the  work  representing  the  motion- 
picture  industry  fell  upon  John  C.  Flinn,  Advertising  Manager  of  the 
Famous  Players-Lasky  Corporation.  Mr.  Flinn's  keen  knowledge  of  the  en- 
tire motion-picture  world,  together  with  his  genius  for  accomplishment,  made 
him  a  most  valued  collaborator  in  the  great  work  of  the  Treasury  Department 
propagandists. 

One  of  the  extremely  unique  ideas  developed  was  that  of  getting  the  motion- 
picture  stars  to  produce  short  films  devoted  to  stimulating  the  sale  of  bonds. 
This  idea  was  executed  by  the  big  motion-picture  committee  of  producers. 
It  required  nearly  5,000  prints  of  these  35  subjects  to  meet  the  demand  of 
the  exhibitors.  The  stars  who  participated  in  this  program  included 
William  S.  Hart,  Mae  Murray,  Harold  Lockwood,  Emily  Stevens,  Mary 
Pickford,  Douglas  Fairbanks,  Charlie  Chaplin,  Edith  Storey,  Mme. 
Nazimova,  Lillian  Gish,  Dustin  Farnum,  William  Farnum,  Charles  Ray, 
Enid  Bennett,  Dorothy  Dalton,  Sessue  Hayakawa,  Wallace  Reid,  'Tatty" 
Arbuckle,  Alice  Brady,  Elsie  Ferguson,  Enrico  Caruso,  Billie  Burke,  William 
Faversham,  Mae  Marsh,  Pauline  Frederick,  Mabel  Normand,  Madge  Ken- 
nedy, Dorothy  Phillips,  Norma  Talmadge,  Lillian  Walker,  Clara  Kimliall 
Young,  William  Duncan,  Earle  Williams,  Alice  Joyce,  Harry  T.  Morey,  Corrine 
Griffith,  Gladys  Leslie,  John  Barrymore,  George  Beban,  Mr.  and  Mrs.  Sidney 
Drew,  Mary  MacLaren,  Monroe  Salisbury,  Harry  Carey,  Bessie  Love,  Jack 
Sherrill,  Ethel  Barrymore,  Fred  Stone,  George  M.  Cohan,  Marguerite  Clark, 


Y.W.CA. 


Back  our  _^ 
girls  over  therev 

United  War  Work  Campaign     ▼ 


o  e 

<  < 


[178] 


179] 


1%^  - 

Our  Daddy  is  fi^htin^ 
at  the  Front  for  You- 
Back  him  up-  Buy  a 

United  States  Govt  Bond  of  the 

2=^lIBERTY  LOAN 

0/1917 


Lend  Your  Money  to  Your  Government 


BUY  A  UNITED  STAf^PlVERNMENT  BOND 

SECOND  LIBERTY  LOANoFl^ 

U.S.Treasury  will  pay  you  interest  every  six  monttir 


Bqy  A 

United  States  Government  Bond  of  the 

SECOND 

Liberty  Loan 

Help  Your  Country  and  Yourself 


182] 


1 83 1 


THE  STOKYofthe  LIBERTY  LOANS 


Pearl  White,  Frank  Keenan,  Fannie  Ward,  Ruth  Roland,  Harold  Lloyd,  Bebe 
Daniels,  and  Baby  Marie  Osborne. 

Exceeding  perhaps  even  the  star  series  in  originality  was  the  project  to 
dramatize  the  best  deeds  of  the  American  soldiers  at  the  front. 
From  General  Pershing  was  procured  a  compilation  of  the  hundred  best 
deeds  of  American  heroism  at  the  front;  a  great  quantity  of  actual  war 
materiel,  enemy  and  Ally,  was  assembled  at  Camp  Dix,  N.  J.,  and  under  the 
direction  of  Mr.  Fred  Hawley  there  were  staged  some  of  the  battle  scenes 
that  were  later  shown  to  the  American  people.  In  each  one  of  these  stories 
some  individual  repeated  in  front  of  the  camera  one  of  the  great  deeds  of 
American  heroism. 

In  the  Victory  Liberty  Loan  campaign  alone,  the  Treasury  Department 
used  more  than  2,000,000  feet  of  film.  These  prints,  manufactured  at  actual 
cost,  were  furnished  free  of  charge  to  the  theatres  and  were  exhibited  as  part 
of  their  regular  programs. 

It  fell  to  R.  W.  Emerson,  Chief  of  the  Division  of  Publication,  to  purchase 
all  lithographic  and  printed  matter  distributed  nationally,  and  his  purchases  of 
lithography  ne\'er  have  been  exceeded  in  volume  by  any  man. 

Mr.  Rieg  handled  the  foreign-language  press  most  capably  and  also  per- 
sonally addressed  many  meetings  of  the  foreign  born.  Mr.  Minor  supplied 
editorial  matter  to  the  country  press.  F.  N.  Carr  had  charge  of  the  national 
distribution  of  posters  and  other  advertising  material. 

The  author  was  assistant  director  throughout  all  loans  save  the  first, 
paying  particular  attention  to  the  daily  newspaper  publicity. 


DATA  ON  LOANS 

FIRST  Loan— Offered  $2,000,000,000;  subscribed  §3,035,226,850;  accepted 
$2,000,000,000.  Number  of  subscribers  4,000,000.  Denominations,  bonds 
with  coupons  attached  $50,  $100,  $500  and  $1,000;  registered  bonds,  $100, 
$500,  $1 ,000,  $5,000,  $10,000,  $50,000  and  $100,000.  Date  of  maturity,  June  15, 
1947;  redeemable  on  or  after  June  15,  1932,  on  three  months'  publislied  notice, 
in  whole  or  in  part,  at  par  and  accrued  interest,  on  any  interest  day.  Interest, 
three  and  one-half  i)er  cent,  payable  June  15  and  December  15;  non-taxable. 
Loan  opened  officially  May  14,  closed  June  15,  1917. 

Second  Loan— Offered  $3,000,000,000;  subscril^ed  $4,617,532,300;  accepted 
$3,807,891,900.  Number  of  subscribers  9,400,000.  Denominations,  coupon 
and  registered  bonds  $50,  $100,  s$500,  $1,000,  $5,000  and  $10,000.  Registered, 
$50,000  and  $100,000.  Date  of  maturity,  November  15,  1942;  redeemable  on 
or  after  November  15,  1927,  in  whole  or  in  part,  at  par  and  accrued  interest, 
on  any  interest  day,  upon  six  months'  notice  by  the  Secretary  of  the  Treasury 
in  any  way  he  may  prescribe.  Interest,  four  per  cent;  payable  November  15 
and  May  15.  Exempt  up  to  a  princiiial  of  $5,000  and  above  that  amount  exempt 
both  as  to  principal  and  interest  from  all  taxation,  local,  state  and  national, 


THE  STORY  of  the  LIBERTY  LOANS 


except  estate  or  inheritance  taxes,  surtaxes,  excess  profits  and  war  profits 
tcixes.     (See  note.)     Loan  opened  officially  October  1,  closed  October  28,  1917. 

Third  Loan— Offered  $3,000,000,000;  subscribed  and  accepted  $4,176,516,- 
850.  Number  of  subscribers,  18,308,325.  Denominations,  coupon  and  regis- 
tered bonds,  $50,  $100,  $500,  $1,000,  $5,000,  $10,000;  registered,  $50,000  and 
$100,000.  Date  of  maturity,  September  15,  1928;  redeemable  date  of  maturity. 
Interest,  four  and  one-quarter  per  cent,  payable  March  15  and  September  15. 
Exempt  same  as  Second  Liberty  Loan  Bonds.  Loan  opened  officially  April  6, 
closed  May  4,  1918.     (See  note.) 

Fourth  Loan— Offered  $6,000,000,000;  subscribed  and  accepted  $6,992,- 
927,100.  Number  of  subscribers  22,777,680.  Denominations,  coupon  and 
registered  bonds,  $50,  $100,  $500,  $1,000,  $5,000,  $10,000  and  registered  bonds 
$50,000  and  $100,000.  Date  of  maturity,  October  15,  1938.  Redeemable  at 
par  and  accrued  interest  at  pleasure  of  government  on  and  after  October  15, 
1933.  Interest,  four  and  one-quarter  per  cent,  payable  April  15  and  October  15. 
Bonds  to  an  aggregate  of  $5,000  principal  are  exempt  from  all  taxes,  state 
and  national,  except  inheritance  taxes.  (See  note.)  Loan  officially  opened 
September  28  and  closed  October  19,  1918. 

Fifth  Loan— Offered  $4,500,000,000;  subscribed  $5,249,908,300;  accepted 
$4,500,000,000.  Number  of  subscribers  11,803,895.  Denominations,  bearer 
notes  $50,  $100,  $500,  $1,000,  $5,000,  and  $10,000,  and  registered  $50,  $100, 
$500,  $1,000,  $5,000,  $10,000,  $50,000,  and  $100,000.  Date  of  maturity, 
May  20,  1923;  redeemable  on  June  15  or  December  15,  1922,  on  four  months' 
notice,  in  whole  or  in  part,  at  par  and  accrued  interest.  Interest,  three 
and  three-quarters  per  cent  and  four  and  three-quarters  per  cent,  according 
to  issue.  The  three  and  three-quarters  per  cent  notes  are  exempt  from  all 
taxation,  except  estate  and  inheritance  taxes;  four  and  three-quarter  per  cent 
notes  are  exempt  from  all  taxes  except  estate  and  inheritance  taxes,  surtaxes, 
excess  profit  and  war  profits  taxes.  Notes  of  either  series  may  be  converted 
into  notes  of  the  other  series  up  to  four  months  and  one  week  prior  to  redemp- 
tion of  notes.    Loan  officially  opened  April  21,  1919,  and  closed  May  10,  1919. 

Note.— The  foregoing  totals  are  taken  from  the  official  reports  of  the  Loans  and  Currency  Division  of  the 
Treasury  Department.  In  some  instances  they  vary  slightly  from  figures  reported  by  states  and  districts 
to  the  war  Loan  Organization  at  the  close  of  each  loan. 

In  addition  to  the  foregoing  exemptions,  until  the  expiration  of  two  years  after  the  date  of  the  termina- 
tion of  the  war  between  the  United  States  and  the  Imperial  German  Government,  as  fixed  by  proclamation 
of  the  President.  .     .     ,     ,      ... 

(1)  The  interest  on  an  amount  of  bonds  of  the  Fourth  Liberty  Loan  the  principal  of  which  does  not 
exceed  $30,000,  owned  by  any  individual,  partnership,  association,  or  corporation,  shall  be  e.xempt  from 
graduated  additional  income  taxes,  commonly  known  as  surtaxes,  and  excess  profits  and  war  profits  taxes, 
now  or  hereafter  imposed  by  the  United  States,  upon  the  in:ome  or  profits  of  individuals,  partnerships, 
associations,  or  corporations. 

(2)  The  interest  recei\ed  after  January  1,  1918,  on  an  amount  of  bonds  of  the  First  Liberty  Loan  con- 
verted, dated  either  November  15,  1917,  or  May  9,  1918;  the  Second  Liberty  Loan,  converted,  and  uncon- 
verted,' and  the  Third  Liberty  Loan,  the  principal  of  which  does  not  exceed  $45,000  in  the  aggregate,  owned 
by  any  individual,  partnership,  association,  or  corporation,  shall  be  exempt  from  such  taxes;  provided, 
however,  that  no  owner  of  such  bonds  shall  be  entitled  to  such  exemption  in  respect  to  the  interest  on  an 
aggregate  principal  amount  of  such  bonds  exceeding  one  and  one-half  times  the  principal  amount  of  bonds 
of  the  Fourth  Liberty  Loan  originally  subscribed  for  by  such  owner  and  still  owned  by  him  at  the  date  of 
his  tax  return. 

Any  of  these  bonds  which  have  been  owned  by  any  person  continuously  for  at  least  six  months  prior  to 
the  date  of  his  death,  and  which  upon  such  date  constitute  part  of  his  estate,  shall,  under  rules  and  regula- 
tions prescribed  by  the  Secretary  of  the  Treasury,  be  receivable  by  the  United  States  at  par  and  accrued 
interest  in  payment  of  any  estate  or  inheritance  taxes  imposed  by  the  United  States,  under  or  by  virtue  of 
any  present  or  future  law,  upon  such  estate  or  the  inheritance  thereof. 


LEST  WE  FORGET 


COLUMBIA   UNIVERSITY    LIBRARIES 

This  book  is  due  on  the  date  indicated  below,  or  at  the 
expiration  of  a  definite  period  after  the  date  of  borrowing,  as 
provided  by  the  library  rules  or  by  special  arrangement  with 
the  Librarian  in  charge. 

DATE  BORROWED 

DATE  DUE 

DATE  BORROWED 

DATE  DUE 

m 

f^  <>  C  wtci 

H 

iffu  c  5*  vT^ 

C28(946|MIOO 

UN.VE«S.TVt|BRA«j« 


^^D'9l 


tS/f  ^^ 


J\j/\-Ver 


-•JS tiitZM^S— 


\lno>mi)So«^     ^- 


V  io.rre  d     Ne^ 


'TTe 


